VTLE 10.125% 15Jan2028 Corp (USD)

Bond Factsheet

Matured/ Called

Vital Energy, Inc.

Indicative

Full Lot

Bid Price

104.944

Change in Bid Price

Bid Yield (%)

Change in Bid Yield

Ask Price

105.801

Change in Ask Price

Ask Yield (%)

Change in Ask Yield

Indicative price as of 30 Apr 2024, 12:00am

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Bond Information

Vital Energy, Inc. is an independent oil and gas company. The Company focused on oil and gas assets exploration, development, and production in the Permian Basin. Vital Energy serves customers in the United States.

Bond Issuer

Vital Energy, Inc.

Guarantor

Subsidiaries

Announcement Date

10 Jan 2020

Issue Date

24 Jan 2020

Maturity Date

15 Jan 2028

Years to Maturity / Next Call

1.288 / 0.085

Modified Duration

Issue / Reoffer Price

100.000

Issue / Reoffer Yield

10.125

Coupon Type

Fixed

Annual Coupon Rate

10.125

Coupon Frequency

Semi Annually

Seniority

Senior Unsecured

Reference Rate

ISIN

US516806AG11

CUSIP

516806AG1

Bond Currency

USD

Total Issue Size

800,000,000

Outstanding Issue Size

700,309,000

Min. Investment Quantity (Nominal)

USD 2,000

Incremental Quantity (Nominal)

USD 1,000

Bond Type

High Yield Corporate

Bond Sector

Energy

Bond Sub Sector

Oil, Gas and Consumable Fuels

Issuer Credit Rating (S&P/ Fitch)

***/ N.R

Bond Credit Rating (S&P/ Fitch)

***/ N.R

Shariah Compliant

Exchange Listed

Others

Bond Feature(s)

Issuer Call

On or after January 15, 2023, the Company may redeem all or a portion of the 2028 notes, on not less than 30 nor more than60 days' prior notice and in amounts of $2,000 or whole multiples of $1,000 in excess thereof, at the following redemption prices(expressed as percentages of the principal amount), plus accrued and unpaid interest, if any, thereon, to the applicable redemption date(subject to the rights of Holders of record on relevant record dates to receive interest due on the relevant interest payment date), if redeemed during the twelve-month period beginning on January 15 of the years indicated below:

Year	Redemption Price
2023	107.594%
2024	105.063%
2025	102.531%
2026 and thereafter	100.000%

Make Whole Call

The 2028 notes may also be redeemed, in whole or in part, at any time or from time to time prior to January 15, 2023 at the option of the Company at a redemption price equal to 100% of the principal amount of the 2028 notes redeemed plus the Applicable Premium as of, and accrued and unpaid interest to, the applicable redemption date (subject to the right of Holders of record on the relevant record date to receive interest due on the relevant interest payment date).

"Applicable Premium" means: on any applicable redemption date, the greater of:
(1) 1.0% of the principal amount of such 2028note and
(2) the excess, if any, of: (a) the present value at such redemption date of (i) the redemption price of such 2028 note at January 15,2023 (such redemption price being set forth in the table appearing above) plus (ii) all required interest payments (excluding accrued and unpaid interest to such redemption date) due on such 2028 note through January 15, 2023, computed using a discount rate equal to the Treasury Rate as of such redemption date plus 50 basis points; over (b) the principal amount of such 2028 note.

Change Control Put

If a Change of Control occurs, unless the Company has given notice of redemption of all the 2028 notes as described under "—Optional Redemption," each Holder will have the right to require that the Company purchase all or any part (in amounts of $2,000 or whole multiples of $1,000 in excess thereof) of such Holder's 2028 notes pursuant to an offer (the "Change of Control Offer") on the terms set forth in the 2028 Indenture. In the Change of Control Offer, the Company will offer to purchase all of the 2028 notes, at a purchase price (the "Change of Control Purchase Price") in cash in an amount equal to 101% of the principal amount of such 2028 notes, plus accrued and unpaid interest, if any, to the date of purchase (the "Change of Control Purchase Date") (subject to the rights of Holders of record on relevant record dates to receive interest due on the relevant interest payment date).

"Change of Control" means the occurrence of any of the following events:

(1) any "person" or "group" (as such terms are used in Sections 13(d) and 14(d) of the Exchange Act), other than one or more Permitted Holders, is or becomes the "beneficial owner" (as defined in Rules 13d-3 and 13d-5 under the Exchange Act, except that a Person shall be deemed to have beneficial ownership of all securities that such Person has the right to acquire by conversion or exercise of other securities, whether such right is exercisable immediately or only after the passage of time), directly or indirectly, of more than 50% of the total outstanding Voting Stock of the Company (or its successor by merger, consolidation or purchase of all or substantially all its assets) (measured by voting power rather than the number of shares);

(2) during any period of two consecutive years, individuals who at the beginning of such period (or, if later, the Issue Date)constituted the Board of Directors of the Company (together with any new directors whose election to such board or whose nomination for election by the stockholders of the Company was approved by a vote of a majority of the directors then still in office who were either directors at the beginning of such period (or, if later, the Issue Date) or whose election or nomination for election was previously so approved), cease for any reason to constitute a majority of such Board of Directors then in office;

(3) the Company sells, assigns, conveys, transfers, leases or otherwise disposes of (other than by way of merger or consolidation), in one or a series of related transactions, all or substantially all of the assets of the Company and the Restricted Subsidiaries, taken as a whole, to any "person" or "group" (as such terms are used in Sections 13(d) and 14(d) of the Exchange Act); or

(4) the Company is liquidated or dissolved or adopts a plan of liquidation or dissolution other than in a transaction which complies with the provisions of the covenant described under "—Certain Covenants—Consolidation, Merger and Sale of Assets."

Equity Call

In addition, at any time and from time to time prior to January 15, 2023, the Company may use funds in an amount not exceeding the amount of the Net Cash Proceeds of one or more Equity Offerings to redeem up to an aggregate of 35% of the aggregate principal amount of 2028 notes issued under the 2028 Indenture (including the principal amount of any Additional Notes issued under the 2028Indenture) at a redemption price equal to 110.125% of the aggregate principal amount of the 2028 notes redeemed, plus accrued and unpaid interest, if any, to the redemption date (subject to the rights of Holders of record on relevant record dates to receive interest due on the relevant interest payment date). At least 65% of the aggregate principal amount of 2028 notes (including the principal amount of any Additional Notes issued under the 2028 Indenture) must remain outstanding immediately after the occurrence of such redemption.

Additional Note

Laredo Petroleum, Inc. change its name to Vital Energy, Inc, effective on January 09, 2023.

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