Crescent Energy falls on $1 bln equity raise for Devon deal
CRGY•Crescent Energy priced an offering of 80 million shares at $12.50 each, raising $1 billion to help fund its $4.2 billion acquisition of Devon Energy’s Eagle Ford assets. Its shares fell 1% in premarket trading.
1. Offering funds acquisition
Crescent Energy priced an offering of 80 million shares at $12.50 each, a 3.9% discount to their last sale, to raise $1 billion. The company plans to use the net proceeds to help fund its $4.2 billion acquisition of Devon Energy’s Eagle Ford oil and gas assets.
2. KKR affiliate participation
An affiliate of KKR, which owns about 7.9% of Crescent Energy, will buy 40 million shares in the offering. Crescent Energy shares fell 1% in premarket trading Friday.
