Permian Resources To Offer $750 Mln Private Placement Of Senior Notes Due 2033

(RTTNews) - Monday, Permian Resources Corp. (PR) revealed that its subsidiary, Permian Resources Operating, LLC, plans to conduct a private placement of senior unsecured notes amounting to $750 million, due 2033.

The company said that the issuance of these notes will depend on market conditions. The notes will be guaranteed on a senior unsecured basis by Permian Resources and all subsidiaries of the Issuer that guarantees its obligations under the senior secured credit facility.

Concurrently, the company has initiated a tender offer to acquire all outstanding 7.75% Senior Notes due in 2026.

The net proceeds from this offering will be allocated to purchasing the outstanding 2026 Notes through the tender offer; funding the redemption of any remaining 2026 Notes, partially financing the acquisition of assets from Occidental Petroleum affiliates; and repaying a portion of the existing credit facility debt.

The company stated that this offering is not registered under the Securities Act and is exclusively available to qualified institutional buyers and non-U.S. persons.