Crescent Energy Announces Updates to Revolving Credit Facility: Increased Borrowing Base, Extended Tenor and Early Synergy Capture

Core Insights - Crescent Energy Company has successfully completed its fall borrowing base redetermination, resulting in an increase in its borrowing base and an extension of the credit facility's tenor, reflecting strong support from its bank syndicate and financial discipline [1][3][6] Credit Facility Highlights - The elected commitment amount has been reaffirmed at $2.0 billion - The borrowing base has increased by 50%, from $2.6 billion to $3.9 billion - The maturity of the credit facility has been extended to five years, resulting in no near-term debt maturities and a weighted average maturity of 6.4 years - The pricing grid has been reduced by 25 basis points, from 200–300 basis points to 175–275 basis points [6] Synergy Capture - Crescent Energy has realized approximately $12 million in total synergy capture, which is roughly 13% of the midpoint of its $90–$100 million synergy range associated with the Vital Energy transaction - The early synergies are primarily driven by lower interest expenses, unused commitment fees, and reduced administrative costs [3][6] Company Overview - Crescent Energy is a differentiated U.S. energy company focused on delivering value for shareholders through a disciplined growth strategy and consistent return of capital - The company has a long-life, balanced portfolio that combines stable cash flows from low-decline production with high-quality development inventory, primarily focused in Texas and the Rocky Mountain region [4]