Vital Energy Announces Early Results and Increase of its Cash Tender Offers for its Senior Notes due 2028 and Senior Notes due 2030; Planned Redemption of Senior Notes due 2028

TULSA, OK, March 28, 2024 (GLOBE NEWSWIRE) -- Vital Energy, Inc., a Delaware corporation (NYSE: VTLE) (“Vital Energy” or the “Company”) today announced the early results of its previously announced cash tender offers (the “Tender Offers”) to purchase for cash up to $550.0 million aggregate principal amount (as such aggregate principal amount may be increased or decreased by the Company, the “Aggregate Maximum Tender Amount”) of (i) up to $475.0 million (the “2028 Cap”) of its 10.125% senior notes due 2028 (the “2028 Notes”) and (ii) up to $75.0 million (the “2030 Cap” and, together with the 2028 Cap, the “Series Caps”) of its 9.750% senior notes due 2030 (the “2030 Notes” and, together with the 2028 Notes, the “Tender Notes”), subject to the terms and conditions set forth in the Offer to Purchase, dated March 14, 2024 (as amended, the “Offer to Purchase”). In addition, the Company announced that it has amended the Tender Offers to remove the 2028 Cap and the Aggregate Maximum Tender Amount (as a result, it will accept any and all 2028 Notes tendered in the Tender Offers) and increase the 2030 Cap to $100.0 million aggregate principal amount. Except as described in this press release, the terms and conditions of the Tender Offers set forth in the Offer to Purchase remain unchanged. Capitalized terms used but not defined herein have the meaning given to them in the Offer to Purchase.

According to information provided by Global Bondholder Services Corporation (“GBS”), the information and tender agent for the Tender Offers, as of 5:00 p.m., New York City time, on March 27, 2024 (such date and time, the “Early Tender Date”), the Company had received valid and not withdrawn tenders from registered holders (each, a “Holder” and collectively, the “Holders”) of (i) $431,150,000 in aggregate principal amount of the 2028 Notes, representing approximately 61.57% of the aggregate principal amount outstanding of the 2028 Notes and (ii) $197,636,000 in aggregate principal amount of the 2030 Notes, representing approximately 39.53% of the aggregate principal amount outstanding of the 2030 Notes. Subject to the terms and conditions of the Tender Offers, the Company expects to accept for purchase on the applicable Early Settlement Date described below all 2028 Notes validly tendered and not withdrawn at or prior to the Early Tender Date. Because the aggregate principal amount of 2030 Notes validly tendered and not withdrawn at or prior to the Early Tender Date exceeded the 2030 Cap, the aggregate principal amount of 2030 Notes to be accepted would be subject to proration (using a proration rate of approximately 38.11% and subject to adjustment to maintain the authorized denomination of the Tender Notes). Subject to satisfaction of the conditions to the Tender Offers, including settlement of the previously announced offering of $800.0 million aggregate principal amount of 7.875% senior notes due 2032, which is scheduled for March 28, 2024, the Company expects the Early Settlement Date for the 2028 Notes to be March 29, 2024 and expects the Early Settlement Date for the 2030 Notes to occur during the week of April 1, 2024. In addition to the Total Consideration, Holders whose Tender Notes are accepted for purchase on an Early Settlement Date will also receive accrued and unpaid interest (“Accrued Interest”) from the last interest payment date up to, but not including, the Early Settlement Date.