Simpson Thacher represented the initial purchasers, led by Goldman Sachs & Co., LLC, in connection with the offering by Crescent Energy Company of $690 million aggregate principal amount of 2.75% Convertible Senior Notes due 2031, which includes the full exercise of the initial purchasers’ option to purchase additional notes. In addition, the Firm represented certain financial institutions in capped call transactions entered into with Crescent Energy concurrently with the notes offering. Crescent Energy used the net proceeds from the offering to (i) fund the cost of the capped call transactions, (ii) redeem all of the outstanding 9.250% Senior Notes due 2028 issued by Crescent Energy Finance LLC, and (iii) fund general corporate purposes.
Crescent Energy is a U.S.-based energy company with a portfolio of assets concentrated in Texas and the Rockies.
The Simpson Thacher team included Dave Azarkh, Brian Rosenzweig, Matt Hart, Ryan Poché, Andrew Scattergood and Natalie Marionneaux (Capital Markets); Jonathan Lindabury, Marc Langer, Jhaton White and Ruben Aguirre (Derivatives); Michael Mann and Preston Irace (Tax); Paige Brinton (Intellectual Property); Jeanne Annarumma and Pasco Struhs (Executive Compensation and Employee Benefits); Michael Isby and Deepa Sarkar (Environmental); and Jennie Getsin (Blue Sky).