PDCE 5.750% 15May2026 Corp (USD)

Bond Factsheet

Matured/ Called

PDC Energy, Inc.

Indicative

Full Lot

Bid Price

99.875

Change in Bid Price

0.375

Bid Yield (%)

Change in Bid Yield

Ask Price

100.125

Change in Ask Price

0.125

Ask Yield (%)

Change in Ask Yield

Indicative price as of 14 May 2024, 12:00am

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Bond Information

PDC Energy, Inc. produces and distributes petroleum products. The Company produces, develops, explores and markets crude oil, natural gas, and natural gas liquids. PDC Energy operates in the United States.

Bond Issuer

PDC Energy, Inc.

Guarantor

PDC Permian Inc

Announcement Date

26 Jun 2018

Issue Date

25 Jul 2018

Maturity Date

15 May 2026

Years to Maturity / Next Call

- / -

Modified Duration

Issue / Reoffer Price

99.000

Issue / Reoffer Yield

5.959

Coupon Type

Fixed

Annual Coupon Rate

5.750

Coupon Frequency

Semi Annually

Seniority

Senior Unsecured

Reference Rate

ISIN

US69327RAJ05

CUSIP

69327RAJ0

Bond Currency

USD

Total Issue Size

750,000,000

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

Bond Feature(s)

Issuer Call

Except as described in the last paragraph of "—Repurchase at the option of holders—Change of control triggering event", the notes are not redeemable until May 15, 2021. On and after May 15, 2021, PDC may redeem all or a part of the notes, from time to time, at the following redemption prices (expressed as a percentage of principal amount) plus accrued and unpaid interest, if any, on the notes redeemed to the applicable redemption date (subject to the rights of holders of notes on the relevant record date to receive interest due on the relevant interest payment date), if redeemed during the twelve-month period beginning on May 15 of the years indicated below:

Years	Redemption price
2021	104.313%
2022	102.875%
2023	101.438%
2024 and thereafter	100.000%

Make Whole Call

At any time or from time to time prior to May 15, 2021, PDC may also redeem all or a part of the notes, at a redemption price equal to the Make-Whole Price, subject to the rights of holders of notes on the relevant record date to receive interest due on the relevant interest payment date.

"Make-Whole Price" with respect to any notes to be redeemed, means an amount equal to the greater of:
(1) 100% of the principal amount of such notes; and
(2) the sum of the present values of (a) the redemption price of such notes at May 15, 2021 (asset forth above) and (b) the remaining scheduled payments of interest from the redemption date to May 15, 2021 (not including any portion of such payments of interest accrued as of the redemption date) discounted back to the redemption date on a semiannual basis(assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate (as defined below)plus 50 basis points; plus, in the case of both (1) and (2), accrued and unpaid interest on such notes, if any, to the redemption date.

Change Control Put

Repurchase at the option of holders: Change of control triggering event
If a Change of Control Triggering Event occurs, each holder of notes will have the right to require PDC to repurchase all or any part (equal to $2,000 or an integral multiple of $1,000 in excess of $2,000) of that holder's notes pursuant to an offer (a "Change of Control Offer") on the terms set forth in the indenture. In the Change of Control Offer, PDC will offer a payment in cash (the "Change of Control Payment") equal to not less than 101% of the aggregate principal amount of notes repurchased plus accrued and unpaid interest, if any, on the notes repurchased to the date of purchase (the "Change of Control Payment Date"), subject to the rights of holders of notes on the relevant record date to receive interest due on the relevant interest payment date.

"Change of Control Triggering Event" means the occurrence of a Change of Control that is accompanied or followed by a downgrade by one or more gradations (including gradations within ratings categories as well as between ratings categories) or withdrawal of the rating of the notes within the Ratings Decline Period by one of the Rating Agencies, as a result of which the rating of the notes on any day during such Ratings Decline Period is below the rating by such Rating Agency in effect immediately preceding the first public announcement of the Change of Control (or occurrence thereof if such Change of Control occurs prior to public announcement).

Equity Call

In addition, prior to May 15, 2021, PDC may on any one or more occasions redeem up to 35% of the principal amount of the notes with all or a portion of the net cash proceeds of one or more Equity Offerings at a redemption price equal to 105.750% of the principal amount thereof, plus accrued and unpaid interest, if any, on the notes redeemed to the 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); provided that:
(1) at least 65% of the aggregate principal amount of the notes issued on the Issue Date(excluding notes held by PDC and its Subsidiaries) remains outstanding after each such redemption; and
(2) the redemption occurs within 180 days after the closing of such Equity Offering.

Notice of any redemption upon an Equity Offering may be given prior to the completion of the related Equity Offering, and any such redemption or notice may at PDC's discretion, be subject to one or more conditions precedent, including, but not limited to completion of the related Equity Offering.

Unless PDC defaults in the payment of the redemption price, interest, if any, will cease to accrue on the notes or portions thereof called for redemption on the applicable redemption date.

Additional Note

Issue in exchange of 144A/REGS SEC(CUSIP: 69327RAH4/ ISIN USU70501AC22).

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