SM Energy Increases Tender Offer to $1 Billion, Secures 58% Note Tenders
SM Energy Company received valid tenders for $783.605 million, or 58.04%, of its outstanding $1.35 billion 8.375% Senior Notes due 2028. The company raised its maximum tender amount to $1 billion and extended the $50 per $1,000 early tender premium, offering total consideration of $1,031.75.
1. Early Tender Results and Offer Amendments
SM Energy reported that holders validly tendered $783.605 million in aggregate principal of its 8.375% Senior Notes due 2028, representing 58.04% of the $1.35 billion outstanding. The company amended the offer to increase the maximum tender amount from $750 million to $1 billion and extended the early tender premium deadline through the expiration date.
2. Consideration and Settlement Terms
Holders who tendered by the early date will receive total consideration of $1,031.75 per $1,000 principal amount, which includes a $50 early tender premium plus accrued interest. Early settlement is set for March 19, 2026, while the final settlement – for any notes accepted after the early date – is expected by April 3, 2026, with potential proration if tenders exceed the $1 billion cap.