Permian Resources Corporation has announced a cash tender offer for its 7.75% senior notes due 2026 through its subsidiary, Permian Resources Operating, LLC. The offer is detailed in the company's Offer to Purchase document dated July 29, 2024.
The tender offer includes purchasing any and all outstanding senior notes listed in the table provided by Permian Resources OpCo. The purchase price for each $1,000 principal amount of the notes will be determined based on a fixed spread plus the yield from the U.S. Treasury Reference Security quoted on Bloomberg Bond Trader FIT3 pages at 2:00 p.m. New York City time on August 2, 2024.
Holders whose notes are purchased will also receive accrued and unpaid interest up to but not including the initial payment date, expected to be August 8, 2024. The tender offer expires at 5:00 p.m., New York City time, on August 2, 2024, unless extended or terminated earlier.
The tender offer's completion is contingent upon certain conditions, including a contemporaneous debt financing by Permian Resources OpCo. If successful, any remaining notes not purchased will be redeemed around February 15, 2025.
J.P. Morgan Securities LLC is serving as the exclusive dealer manager for this tender offer. Questions regarding the terms can be directed to J.P. Morgan Securities LLC's Liability Management Group.
Permian Resources emphasizes that this press release does not constitute an offer to purchase or sell any securities and advises investors to refer to their filings with the SEC for further details on risks and uncertainties related to forward-looking statements.
Permian Resources is an independent oil and natural gas company headquartered in Midland, Texas, focusing on high-return properties in the Delaware Basin.
For more information or copies of relevant documents, contact D.F. King & Co., Inc., or visit their website at https://www.dfking.com/permian.