Crescent Energy Enters Material Definitive Agreement

TL;DR

Crescent Energy just signed a big deal, could be debt or something else important.

AI Summary

On December 17, 2024, Crescent Energy Company entered into a Material Definitive Agreement related to financial obligations. The company, formerly known as IE PubCo Inc., is incorporated in Delaware and headquartered in Houston, Texas.

Why It Matters

This filing indicates a significant new financial commitment or arrangement for Crescent Energy, which could impact its financial standing and future operations.

Risk Assessment

Risk Level: medium — Entering into material definitive agreements can introduce new financial risks or obligations that require careful monitoring.

Key Players & Entities

• Crescent Energy Company (company) — Registrant
• IE PubCo Inc. (company) — Former company name
• December 17, 2024 (date) — Date of earliest event reported
• 600 Travis Street, Suite 7200, Houston, Texas 77002 (location) — Principal Executive Offices

FAQ

Key Financial Figures

• $0.0001 — stered Class A Common Stock, par value $0.0001 per share CRGY The New York Stock Excha
• $500.0 million — ) provides that the incurrence of up to $500.0 million of certain additional indebtedness duri
• $2.6 billion — d. The borrowing base was maintained at $2.6 billion and the elected commitments were mainta
• $2 billion — elected commitments were maintained at $2 billion. The foregoing description of the Cred

Filing Documents

• crgy-20241217.htm (8-K) — 30KB
• a241217_crgyxxexx11thamcre.htm (EX-10.1) — 144KB
• 0001866175-24-000111.txt ( ) — 312KB
• crgy-20241217.xsd (EX-101.SCH) — 2KB
• crgy-20241217_lab.xml (EX-101.LAB) — 22KB
• crgy-20241217_pre.xml (EX-101.PRE) — 13KB
• crgy-20241217_htm.xml (XML) — 3KB

01. Entry into a Material Definitive Agreement

Item 1.01. Entry into a Material Definitive Agreement. On December 17, 2024, Crescent Energy Finance LLC, a Delaware limited liability company ("Crescent Finance") and a wholly owned subsidiary of Crescent Energy Company (NYSE: CRGY) (the "Company"), entered into that certain Eleventh Amendment to Credit Agreement (the "Credit Agreement Amendment"), which amended the Company's existing Credit Agreement, dated as of May 6, 2021 (as amended by the First Amendment to Credit Agreement, dated as of September 24, 2021, the Second Amendment to Credit Agreement, dated as of March 30, 2022, the Third Amendment to Credit Agreement, dated as of March 30, 2022, the Fourth Amendment to Credit Agreement, dated as of September 23, 2022, the Fifth Amendment to Credit Agreement, dated as of July 3, 2023, the Sixth Amendment to Credit Agreement, dated as of December 13, 2023, the Seventh Amendment to Credit Agreement, dated as of April 10, 2024, the Eighth Amendment to Credit Agreement, dated as of May 24, 2024, the Ninth Amendment to Credit Agreement, dated as of June 14, 2024, and the Tenth Amendment to Credit Agreement, dated as of July 30, 2024, and as further amended, modified, supplemented or restated from time to time, the "Credit Agreement"), by and among Crescent Finance, certain subsidiaries of Crescent Finance, as guarantors, Wells Fargo Bank, National Association, as administrative agent, collateral agent and a letter of credit issuer, and the other lenders and letter of credit issuers party thereto from time to time. Among other things, the Credit Agreement Amendment (i) reduced the applicable margin, so that the loans under the Credit Agreement, at Crescent Finance's option, will be priced based on SOFR plus 2.00% to 3.00% or an adjusted based rate plus 1.00% to 2.00%, in each case, based on the utilization of the credit facility, (ii) removed the credit spread adjustment, and (iii) provides that the incurrence of up to $500.0 million of certain additional indebtednes

01. Financial Statements and Exhibits

Item 9.01. Financial Statements and Exhibits. (d) Exhibits. Exhibit Description 10.1* E leventh Amendment to Credit Agreement, dated December 17, 2024, by and among Crescent Energy Finance LLC, certain subsidiaries of Crescent Energy Finance LLC, as guarantors, Wells Fargo Bank, National Association, as administrative agent, collateral agent and a letter of credit issuer, and the other lenders and letter of credit issuers party thereto. 104 Cover Page Interactive Data File (embedded within the Inline XBRL document). *Certain of the schedules and exhibits to the agreement have been omitted pursuant to Item 601(a)(5) of Regulation S-K. A copy of any omitted schedule or exhibit will be furnished to the SEC upon request. 2 SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the Company has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Date: December 20, 2024 CRESCENT ENERGY COMPANY By: /s/ Bo Shi Name: Bo Shi Title: General Counsel 3