March 18, 2021
Centennial Resource Development, Inc. (NASDAQ: CDEV) has announced the pricing of a public offering of US$150 million aggregate principal amount of 3.25% exchangeable senior notes due 2028 of its wholly owned operating subsidiary, Centennial Resource Production, LLC (CRP). The notes will be fully and unconditionally guaranteed, on a senior, unsecured basis, by Centennial and its subsidiaries that currently guarantee CRP’s outstanding senior notes. The issuance and sale of the notes are scheduled to settle on March 19, 2021, subject to customary closing conditions. CRP also granted the underwriters of the notes a 30-day option to purchase up to an additional US$22.5 million principal amount of notes, solely to cover over-allotments.
Latham & Watkins LLP represents Centennial Resource Development, Inc. in the transaction with a corporate deal team led by Houston partners John Greer and Bill Finnegan, New York partners Greg Rodgers and Catherine Lee, and Los Angeles partner Arash Aminian Baghai, with New York associates Andrew Blumenthal, Christopher Yu, and Ariel Robbins-Rothman and Houston associates Dan Harrist, Madeleine Neet, and Brent Wagner. Advice was also provided on tax matters by Houston partner Jim Cole and New York partner Elena Romanova, with New York associate Michael Yu; and on environmental matters by Houston partner Joel Mack and Los Angeles counsel Josh Marnitz.