Permian Resources Corp. intends to offer a private placement sale of $500 million in senior unsecured notes to help repay debt and facilitate its $4.5 billion acquisition of Earthstone Energy Inc.
While the deal is an all-stock transaction, Permian Resources will assume Earthstone’s debt when the transaction closes. In conjunction with the transaction, Permian Resources, based in Midland, Texas, secured a $500 million incremental commitment under its credit facility from Wells Fargo Bank.
The offered securities’ net proceeds will repay company indebtedness, which may include amounts outstanding under the credit facility used for the Earthstone deal. The transaction is expected to close by year’s end.
The notes will be guaranteed on a senior unsecured basis by Permian Resources and all of the issuer's subsidiaries that guarantee the issuer's obligations under its senior secured credit facility.
Recommended Reading
Avangrid Begins Construction on its First California Solar Farm
2024-04-10 - Avangrid’s Camino Solar project will generate 57 megawatts of power, the equivalent of the power needs of about 14,000 U.S. homes.
Could Concentrated Solar Power Be an Energy Storage Gamechanger?
2024-03-27 - Vast Energy CEO Craig Wood shares insight on concentrated solar power and its role in energy storage and green fuels.
RIC Energy Sells 20 MW of Solar Plants to Luminace
2024-03-04 - RIC Energy says the facilities are expected to provide 100% clean energy to more than 5,000 homes participating in the utilities’ community solar programs.
Energy Transition in Motion (Week of May 10, 2024)
2024-05-10 - Here is a look at some of this week’s renewable energy news, including $1.5 billion in investment commitments for low-carbon energy initiatives.
Energy Transition in Motion (Week of March 1, 2024)
2024-03-01 - Here is a look at some of this week’s renewable energy news, including Chevron’s plans for a solar-to-hydrogen facility in California.