Simpson Thacher represented the underwriters, led by Wells Fargo Securities, LLC, KKR Capital Markets LLC and Raymond James & Associates Inc., in connection with the offering by Crescent Energy Company (“Crescent”) of 24,750,000 shares of its Class A common stock, which includes the full exercise of the underwriters’ option to purchase additional shares.
In addition, Simpson Thacher represented the initial purchasers, led by Wells Fargo Securities, LLC, in connection with the 144A/Regulation S offering of $400 million aggregate principal amount of additional 7.625% Senior Notes due 2032 by Crescent Energy Finance LLC, a subsidiary of Crescent.
Crescent intends to use the net proceeds from the offerings to fund a portion of the purchase price for the previously announced acquisition of all of the outstanding equity interests in Ridgemar (Eagle Ford) LLC. Pending such use, the proceeds from the offerings will be used to temporarily reduce the borrowings outstanding under Crescent’s revolving credit facility, with any remaining proceeds used for general corporate purposes.
Crescent Energy Company is a U.S.-based energy company with a portfolio of assets concentrated in Texas and the Rockies.
The Simpson Thacher team includes David Azarkh, Brian Rosenzweig, Richie Ragusa, Ryan Poché, Suzannah Ranzo and Michael O’Rear (Capital Markets); Michael Mann (Tax); Paige Brinton (Intellectual Property); Pasco Struhs (Executive Compensation and Employee Benefits); Michael Isby and Deepa Sarkar (Environmental); and Jennie Getsin (Blue Sky/FINRA).