Crescent Energy falls after convertible bonds sale upsized to $600 mln

Crescent Energy

04/03/2026 13:13

** Oil and gas producer Crescent Energy's CRGY.N shares down 2.6% at $10.95 before the bell following above-planned raise

    ** Houston, Texas-based CRGY late Tues announced pricing private offering of $600 mln 2.75% 5-yr convertible bonds

    ** Initial conversion price set at $14.89, 32.5% above stock's last close of $11.24

    ** CRGY shares ended down 6.4% on Tues after co late Mon launched $400 mln deal to redeem all of its outstanding 9.25% notes due 2028

** It intends to use ~$49 mln of proceeds to pay cost of capped calls; initial cap price of $22.48 is double stock's last sale on Tues

** Through Tues, stock up 34% YTD after 43% drop in 2025

    ** Avg rating of 14 analysts is "buy"; median PT $13 - LSEG

(Lance Tupper is a Reuters market analyst. The views expressed are his own)

((lance.tupper@tr.com 1-646-279-6380))