Simpson Thacher represented the initial purchasers, led by Wells Fargo Securities, LLC, in connection with the 144A/Regulation S offering of $750 million aggregate principal amount of 7.375% Senior Notes due 2033 by Crescent Energy Finance LLC, a subsidiary of Crescent Energy Company. Crescent Energy intends to use the net proceeds from the offering to fund the cash portion of the consideration for the previously announced merger with SilverBow Resources, Inc. (“SilverBow”) and any remaining net proceeds from this offering, at or following the completion of the merger, to repay SilverBow’s existing indebtedness outstanding at the time of completion of the merger. Pending any specific application, Crescent Energy may use a portion of the net proceeds to repay amounts outstanding under its revolving credit facility.
Crescent Energy Company (NYSE: CRGY) 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, Richie Ragusa, Ryan Poché, Andrew Scattergood and Terrance Brown (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).