Crescent Energy drops on pricing KKR's share sale

Loews

09/09/2022 13:18

** Crescent Energy Co's  CRGY.N  shares down 2.3% at $15.90
premarket after secondary offering prices
    ** Oil and gas producer late Thurs announced 5 mln shares
sold by Independence Energy Aggregator L.P, , entity of KKR & Co
 KKR.N , at $15  urn:newsml:reuters.com:*:nBw9Yqtmka
    ** Offering prices at 7.8% discount to stock's last sale
    ** Co also to buy 2.2 mln shares from KKR-affiliated seller,
PT Independence Energy Holdings
    ** PE firm KKR's holdings go to ~82.7 mln shares, or ~50% of
outstanding, per filing https://www.sec.gov/Archives/edgar/data/1866175/000119312522238851/d327661ds1a.htm#toc327661_16
    ** Credit Suisse and KKR Capital Markets joined by five
other investment banks as bookrunners for offering
    ** Last Dec, KKR completed ~$6 bln merger of its O&G assets
with publicly traded Contango Oil & Gas  urn:newsml:reuters.com:*:nBw4VlX6xa
 urn:newsml:reuters.com:*:nL3N2NQ2HL
    ** CRGY shares, up 30% this quarter, closed at $16.82 in
their Dec 8 debut

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-332-219-1430))