Permian Resources Corporation Announces Final Results and Expiration of Tender Offer for Its 7.75% Senior Notes due 2026
MIDLAND, Texas – Permian Resources Corporation (“Permian Resources,” “we,” “us” or “our”) (NYSE: PR) today announced the final results and expiration of its previously announced cash tender offer to purchase (the “Tender Offer”) any and all of the outstanding 7.75% Senior Notes due 2026 (the “Notes”) of Permian Resources Operating, LLC, a subsidiary of Permian Resources (“OpCo”). As of 5:00 p.m., New York City time, on August 2, 2024, the expiration time for the Tender Offer (the “Expiration Time”), Permian Resources had received tenders for an aggregate principal amount of $298,703,000 of the outstanding Notes, or 99.57% of the aggregate principal amount of the Notes outstanding. These amounts exclude $878,000 aggregate principal amount of the Notes that remain subject to the guaranteed delivery procedures described in the Offer to Purchase and the Notice of Guaranteed Delivery.
The Tender Offer was made pursuant to the terms and conditions contained in the Offer to Purchase, dated July 29, 2024 (the “Offer to Purchase”), and the related notice of guaranteed delivery for the Tender Offer (the “Notice of Guaranteed Delivery”).
In accordance with the terms of the Tender Offer, OpCo will pay the purchase price (the “Purchase Price”) for the Notes validly tendered prior to the Expiration Time or pursuant to the Notice of Guaranteed Delivery on August 8, 2024 (the “Settlement Date”). The Purchase Price to be paid for each $1,000 principal amount is $1,014.67 plus accrued and unpaid interest up to but not including Settlement Date. Interest on these Notes will cease accruing on Settlement Date for all accepted in this offer. All purchased notes will subsequently be retired.
There can be no assurance that any Notes will be purchased. The Tender Offer is conditioned upon certain conditions being met including completion of a contemporaneous notes offering by OpCo on satisfactory terms. The offer is not dependent on a minimum number being tendered but may be amended or withdrawn as necessary. Proceeds from this offering are intended partly for funding this purchase.
Subject to completion we intend redeeming all non-purchased notes around February 15th at full value plus accrued interest if applicable.
OpCo has retained J.P Morgan Securities LLC as exclusive Dealer Manager with inquiries directed towards their Liability Management Group at provided contact numbers.
About Permian Resources
Headquartered in Midland Texas; Permian Resources focuses responsibly acquiring optimizing developing high-return oil natural gas properties concentrated Delaware Basin making it second largest pure-play E&P company within region.
Cautionary Note Regarding Forward-Looking Statements
Information here includes forward-looking statements under Section27A Securities Act1933 amended Section21E Exchange Act1934 amended besides historical facts regarding offerings use proceeds timing outcomes strategies plans objectives management identified words could may believe anticipate intend estimate expect project goal plan target similar expressions based current expectations assumptions future events available information outcome timing future events caution risks uncertainties difficult predict beyond control incident development production gathering sale oil natural gas factors causing actual results differ materially contemplated filings SEC Annual Report Form10-K fiscal year ended December31st subsequent Quarterly Reports Form10-Q under caption Risk Factors updated periodically filings should risks uncertainties occur underlying assumptions prove incorrect actual results plans differ materially expressed implied qualified entirety cautionary statement considered connection subsequent written oral issued persons acting behalf unless required applicable law disclaim duty update qualified section reflect events circumstances date press release.
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Hays Mabry Vice President Investor Relations
(432)315-0114
ir@permianres.com