Crescent Energy Announces Positive Amendments to Revolving Credit Facility and Completes Secondary Equity Offering - Seite 2

CRGY as of 7/31

Secondary Offering and OpCo Unit Purchase(1)

CRGY
Current

Class A - Public Shares

42.0

6.3

48.3

Class B - Private Shares

127.5

(8.9)

118.6

Total Shares Outstanding

169.5

(2.6)

166.9

 

 

 

 

KKR & Co. Ownership

16%

 

16%

Financial Position

As of August 31, 2022, the Company had principal amount of indebtedness of $1.4 billion and net debt of approximately $1.4 billion, consisting of $700 million of senior unsecured notes and $716 million of outstanding borrowings on its Credit Facility. Total liquidity as of August 31, 2022 was $601 million, including availability on its revolver, cash and cash equivalents of $29 million and outstanding letters of credit of $12 million. Crescent has a Net LTM Leverage⁽²⁾ ratio of 1.2x, in-line with its stated target. The Company expects to generate significant Levered Free Cash Flow for the remainder of 2022, which it plans to use to fund its dividend and further strengthen the balance sheet.

(1)		Inclusive of the exercised greenshoe option and 572,354 shares of Class A Common Stock that were distributed in kind concurrent to the secondary equity offering.
(2)		Net LTM Leverage as of 6/30/22. Crescent defines Net LTM Leverage as the ratio of consolidated total debt to consolidated Adjusted EBITDAX as calculated under the credit agreement (the "Credit Agreement") governing Crescent’s Revolving Credit Facility. For purposes of the Credit Agreement, (i) consolidated total debt is calculated as total principal amount of Senior Notes, plus borrowings on our Revolving Credit Facility and unreimbursed drawings under letters of credit, less cash and cash equivalents and (ii) consolidated Adjusted EBITDAX includes certain adjustments to account for EBITDAX contributions associated with acquisitions the Company has closed within the last twelve months. Adjusted EBITDAX is a non-GAAP financial measure.