Crescent Energy Announces Positive Amendments to Revolving Credit Facility and Completes Secondary Equity Offering

Crescent Energy Company (NYSE: CRGY) ("Crescent" or the "Company") today announced amendments to its revolving credit facility (the “Credit Facility”), effective September 23, 2022. The amendments were recently approved by the 11 member banks supporting the facility and reflect the strength of the business, an outlook for substantial cash flow, growing proved reserves and a strong balance sheet.

Amendment Highlights

• An 11% increase in the Company’s borrowing base to $2.0 billion from $1.8 billion
• A flat elected commitment amount of $1.3 billion
• A term extension for the Credit Facility of 28 months, or through September 2027; Crescent has no near-term maturities
• A decrease in the interest rate margin for amounts outstanding on the Credit Facility by 50 bps

Crescent CEO David Rockecharlie said, “For more than a decade, we have executed a consistent strategy that focuses on cash flow, returns and risk management. A core part of our risk management strategy includes maintaining a strong balance sheet, significant liquidity and access to capital at attractive rates to allow us to manage through the inherent cycles in our business. Today’s positive amendments to our Credit Facility and the successful completion of our recent public equity offering reflect the quality and scale of our growing portfolio and our stakeholders’ confidence in our ability to continue to execute our proven business plan.”

Summary of Recent Equity Offering Transactions

The Company continues to take strategic actions in-line with its stated capital markets priorities to strengthen its capital structure, improve market awareness and grow its public equity float. On September 13, 2022, Crescent completed an all secondary underwritten public offering of 5,750,000 shares of its Class A common stock at $15.00 per share, raising gross proceeds to the selling stockholders of $86 million (inclusive of the exercised greenshoe option). The offering was complemented by the Company’s concurrent purchase of 2,568,140 units of Crescent Energy OpCo LLC ("OpCo Units") at the same price per share received by the selling stockholders. KKR & Co. retained its existing stake in Crescent, with the selling shareholder base selling down pro-rata. Subsequent to the successful completion of the combined transactions, Crescent’s public equity float increased by approximately 15%.