Crescent Energy Announces Expiration and Results of Its Tender Offer for Its 7.250% Senior Notes Due 2026

Crescent Energy Finance LLC (“CE Finance”), a wholly owned subsidiary of Crescent Energy Company (NYSE: CRGY) (“Crescent”), announced today that the tender offer (the “Tender Offer”) commenced on March 19, 2024 to purchase any and all of the outstanding 7.250% Senior Notes due 2026 (the “Notes”) expired at 5:00 p.m. New York City time on March 25, 2024 (the “Expiration Time”).

According to Global Bondholder Services Corporation, the tender agent for the offer, valid tenders had been received at the expiration of the offer in the amount and percentage set forth in the table below.

Title of Security		CUSIP Number		Principal Amount Outstanding		Principal Amount Tendered (1)		Percentage of Principal Amount Tendered (1)
7.250% Senior Notes due 2026		45344LAA1 (144A) / U4526LAA5 (Reg S)		$ 700,000,000		$ 442,291,000		63.18%

_______________
(1)	Principal amount tendered excludes $4,648,000 aggregate principal amount of the Notes tendered pursuant to the guaranteed delivery procedures described in the Offer to Purchase.

CE Finance expects to accept for purchase all Notes validly tendered and not validly withdrawn as of the Expiration Time and expects to make payment for any such Notes later today. The settlement date for Notes tendered pursuant to guaranteed delivery procedures is expected to be March 28, 2024.

CE Finance will use net proceeds from the issuance of $700 million aggregate principal amount of its 7.625% Senior Notes due 2032 (the “New Notes”), which is expected to close today, for the payment of all Notes to be purchased in the Tender Offer. CE Finance’s obligation to accept and pay for the tendered Notes is conditioned on, among other things, the closing of the offering of the New Notes (the “Notes Offering”). Subject to the completion of the Notes Offering, CE Finance intends to redeem any Notes that are not repurchased in the Tender Offer on May 1, 2024 using net proceeds of the Notes Offering, together with borrowings under Crescent’s revolving credit facility.