Crescent Energy announces offering of 18M shares of Class A common stock

Crescent Energy (CRGY) Company announced the commencement of an underwritten public offering of 18M shares of its Class A common stock. The company intends to use the net proceeds it receives from the offering to fund a portion of the cash consideration for its recently announced acquisition of Ridgemar LLC, which is expected to close in Q1 of 2025, subject to customary closing conditions and regulatory approvals. The Ridgemar acquisition is not contingent upon the completion of this offering and this offering is not contingent upon the completion of the Ridgemar acquisition. If the Ridgemar acquisition is not completed, the proceeds of this offering will be used to reduce the borrowings outstanding under our revolving credit facility or for general corporate purposes. Wells Fargo Securities, KKR Capital Markets, Raymond James & Associates, and Evercore Group are serving as joint book-running managers for the offering.