Permian Resources Corporation (NYSE: PR) announced today that its subsidiary, Permian Resources Operating, LLC, intends to offer $750 million in senior unsecured notes due 2033. The offering will be conducted as a private placement under Rule 144A and Regulation S of the Securities Act of 1933.
The notes will be guaranteed on a senior unsecured basis by Permian Resources and all of the Issuer’s subsidiaries that guarantee its obligations under its senior secured credit facility.
Concurrently, the Issuer has initiated a tender offer to purchase any outstanding 7.75% Senior Notes due 2026 for cash. This Tender Offer is conditioned on the successful completion of the new offering but not vice versa. If completed, Permian Resources plans to redeem any remaining 2026 Notes on or about February 15, 2025.
The proceeds from this new offering are intended to fund the purchase of outstanding 2026 Notes through the Tender Offer and subsequent redemption if necessary. Additionally, funds will support part of the acquisition cost for oil and gas properties from affiliates of Occidental Petroleum Corporation and repay portions of amounts outstanding under their credit facility.
The notes have not been registered under U.S. securities laws and can only be sold to qualified institutional buyers or outside the United States under specific regulations.
Permian Resources emphasized that this communication does not constitute an offer to sell or buy these notes in jurisdictions where such actions would be illegal without proper registration or qualification.
Headquartered in Midland, Texas, Permian Resources focuses on acquiring and developing high-return oil and natural gas properties in the Delaware Basin.
Forward-looking statements within this announcement highlight potential risks associated with future events. These include uncertainties related to acquisitions and market conditions as detailed in Permian Resources’ filings with the SEC.
For further information:
Hays Mabry – Vice President, Investor Relations
(432) 315-0114
ir@permianres.com
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