Simpson Thacher represented the initial purchasers, led by BofA Securities, Inc., in connection with the 144A/Regulation S offering of $600 million aggregate principal amount of 8.375% Senior Notes due 2034 by Crescent Energy Finance LLC, a subsidiary of Crescent Energy Company. The offering was upsized from $500 million. Crescent Energy intends to use the net proceeds from the offering, together with additional borrowings under its revolving credit facility and cash on hand, if needed, to fund a cash tender offer (the “Tender Offer”) to purchase up to $500 million aggregate principal amount of its 9.250% Senior Notes due 2028 (the “2028 Notes”), to pay fees and expenses in connection therewith or with the offering of notes, with any remainder to repay amounts outstanding under the revolving credit facilities or for general corporate purposes. The firm also represented BofA Securities, Inc. as dealer manager in connection with the Tender Offer.
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 included David Azarkh, Brian Rosenzweig, Richie Ragusa, Ryan Poché, Andrew Scattergood and Michael O’Rear (Capital Markets); Michael Mann and Michael Leitner (Tax); Paige Brinton (Intellectual Property); Pasco Struhs (Executive Compensation and Employee Benefits); and Jennie Getsin (Blue Sky).