Permian Resources Announces Pricing of Upsized $1,000.0 Million Private Placement of 6.25% Senior Notes Due 2033
Summary
The Notes will be guaranteed on a senior unsecured basis by Permian Resources and all of the Issuers subsidiaries that guarantee the Issuers obligations under its revolving credit facility (the credit facility).The Issuer intends to use the net proceeds from this offering (i) to purchase for cash any and all of the Issuers outstanding 7.75% Senior Notes due 2026 (the 2026 Notes), pursuant to the tender offer that commenced concurrently with this offering (the Tender Offer), including any related premiums and expenses in connection therewith, (ii) to the extent any 2026 Notes remain outstanding after the Tender Offer, to fund the redemption of all 2026 Notes not purchased in the Tender Offer (the Redemption), (iii) to fund a portion of the purchase price for the recently announced acquisition of oil and gas properties, interests and related assets owned by certain affiliates of Occidental Petroleum Corporation (the Acquisition) and (iv) with any remaining net proceeds, to repay a portion of the amounts outstanding under the credit facility.This offering is expected to close on August 5, 2024, subject to customary conditions. Permian Resources assets and operations are concentrated in the core of the Delaware Basin, making it the second largest Permian Basin pure-play E&P.The information in this press release includes forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended. When used in this press release, the words could, may, believe, anticipate, intend, estimate, expect, project, goal, plan, target and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. These forward-looking statements are based on managements current expectations and assumptions about future events and are based on currently available information as to the outcome and timing of future events.We caution you that any forward-looking statements are subject to all of the risks and uncertainties, most of which are difficult to predict and many of which are beyond our control, incident to the development, production, gathering and sale of oil and natural gas. Factors which could cause our actual results to differ materially from the results contemplated by forward-looking statements may include, but are not limited to, risks relating to the Acquisition and the timing thereof and those set forth in Permian Resources filings with the U.S. Securities and Exchange Commission (the SEC), including its Annual Report on Form 10-K for the fiscal year ended December 31, 2023, and its subsequent Quarterly Reports on Form 10-Q, under the caption Risk Factors, as may be updated from time to time in Permian Resources periodic filings with the SEC.Should one or more of the risks or uncertainties described in this press release occur, or should any underlying assumptions prove incorrect, our actual results and plans could differ materially from those expressed in any forward-looking statements.