Bond Factsheet
CRGYFN 9.750% 15Oct2030 Corp (USD)
Crescent Energy Finance
Indicative
Full Lot
Bid Price 104.369
Change in Bid Price 0.112
Bid Yield (%) 7.385 %
Change in Bid Yield 0.062
Ask Price 105.251
Change in Ask Price 0.063
Ask Yield (%) -4.814 %
Change in Ask Yield 0.694
Indicative price as of 02 Oct 2026, 4:33pm
Ask Yield to Worst
Bid Yield to Worst
Ask Yield to Maturity
Bid Yield to Maturity
Bond Issuer
Crescent Energy Finance
Guarantor
Subsidiaries
Announcement Date
18 Sep 2023
Issue Date
25 Sep 2023
Maturity Date
15 Oct 2030
Years to Maturity / Next Call
4.029 / 0.026
Modified Duration
3.167 @ 02 Oct 2026
Issue / Reoffer Price
98.742
Issue / Reoffer Yield
10.000
Coupon Type
Fixed
Annual Coupon Rate
9.750
Coupon Frequency
Semi Annually
Seniority
Senior Unsecured
Reference Rate
-
ISIN
US516806AJ59
CUSIP
516806AJ5
Bond Currency
USD
Total Issue Size
500,000,000
Outstanding Issue Size
64,970,000
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)
***/ BB-
Bond Credit Rating (S&P/ Fitch)
***/ BB-
Shariah Compliant
No
Exchange Listed
Others
Issuer Call
On or after October 15, 2026, the Company may redeem all or a portion of the 2030 notes, on not less than 10 nor more than 60 days’ prior notice and in minimum 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 of the years indicated below:
| Year | Redemption Price |
|---|---|
| 2026 | 104.875% |
| 2027 | 102.4375% |
| 2028 and thereafter | 100 |
Make Whole Call
“Applicable Premium” means: on any applicable redemption date, the greater of:
(1) 1.0% of the principal amount of such 2030 note and
(2) the excess, if any, of:
(a) the present value at such redemption date of (i) the redemption price of such 2030 note at October 15, 2026 (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 note through October 15, 2026, 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 2030 note.
Change Control Put
“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), 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.”
“Change of Control Triggering Event” means the occurrence of both a Change of Control and a Rating Decline, or, or, so long as any Existing Senior Notes remain outstanding, the obligation of the Company to make an offer to repurchase as a result of the occurrence of such Change of Control pursuant to the indentures governing the Existing Senior Notes.
Equity Call
Additional Note
If (i) the Henry Acquisition has not been completed on or prior to 11:59 p.m. (New York City time) on January 11, 2024 (the “Outside Date”), or (ii) prior to 11:59 p.m. (New York City time) on the Outside Date, (a) we have decided that we will not pursue the consummation of the Henry Acquisition or (b) we have determined in our sole discretion that the consummation of the Henry Acquisition cannot or is not reasonably likely to be satisfied by 11:59 p.m. (New York City time) on the Outside Date (the earlier to occur of the events described in clauses (i) and (ii) of this sentence, the “Special Mandatory Redemption Event”), we will be required to redeem all of the outstanding 2030 notes on the Special Mandatory Redemption Date (as defined in "Description of The 2030 Notes") at a redemption price equal to 100% of the initial issue price of such notes, plus accrued and unpaid interest from the date of initial issuance of such notes to, but not including, the Special Mandatory Redemption Date (the “Special Mandatory Redemption Price”).
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