DENVER, Nov. 15, 2017 (GLOBE NEWSWIRE) — Centennial Resource Development, Inc. (“Centennial” or the “Company”) (NASDAQ:CDEV) today announced that its subsidiary, Centennial Resource Production, LLC (“CRP”), has priced its previously announced private offering (the “Notes Offering”) of senior unsecured notes due 2026 (the “2026 Notes”), which was upsized to $400 million in aggregate principal amount from the originally proposed $350 million offering. The 2026 Notes, which priced at par, will mature on January 15, 2026 and will pay interest at an annual rate of 5.375%. The 2026 Notes will be guaranteed on a senior unsecured basis by each of CRP’s current subsidiaries that guarantee CRP’s revolving credit facility and by certain future subsidiaries. Centennial will not guarantee the 2026 Notes.
The Notes Offering is expected to close on November 30, 2017, subject to customary closing conditions. CRP intends to use the net proceeds of the Notes Offering to repay all outstanding borrowings under its revolving credit facility and for general corporate purposes.
The securities offered in the Notes Offering have not been registered under the Securities Act of 1933, as amended (the “Securities Act”), or any state securities laws and, unless so registered, may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state securities laws. The securities are being offered and sold only to qualified institutional buyers pursuant to Rule 144A under the Securities Act and to non-U.S. persons in transactions outside the United States pursuant to Regulation S under the Securities Act.
This news release does not constitute an offer to sell or the solicitation of an offer to buy the securities described herein, nor shall there be any sale of these securities in any jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.