Oklahoma City’s Expand Energy Corporation announced a half-billion dollar cash tender for its outstanding senior notes.
The firm said the offer extends to all of its outstanding 5.500% Senior Notes due 2026 and all of its outstanding 8.375% Senior Notes due in 2028.
Tender Offer
Expand Energy has commenced the Tender Offer for any and all of the 2026 Notes. The Tender Offer is being made pursuant to an Offer to Purchase, dated November 20, 2024 and the related Notice of Guaranteed Delivery. Certain information regarding the 2026 Notes and the terms of the Tender Offer is summarized in the table below.
| Title of Security | CUSIP Numbers / ISINs | Principal Amount Outstanding | U.S. Treasury Reference Security | Bloomberg Reference Page | Fixed Spread | |
| 5.500% Senior Notes due 2026 |
144A: 165167DF1 / US165167DF18 Reg S: |
$500,000,000 | 4.125% due January 31, 2025 | FIT3 | 0 bps | |
The Tender Offer will expire at 5:00 p.m., New York City time, on November 26, 2024, unless extended or earlier terminated (such time and date, as the same may be extended, the “Expiration Time”).
The “Tender Offer Consideration” for each $1,000 principal amount of the 2026 Notes validly tendered, and not validly withdrawn, and accepted for purchase pursuant to the Tender Offer will be determined in the manner described in the Offer to Purchase by reference to the fixed spread for the 2026 Notes specified above plus the yield based on the bid-side price of the U.S. Treasury Reference Security specified above, as quoted on the Bloomberg Bond Trader FIT3 series of pages, at 2:00 p.m. New York City time, on November 26, 2024, the date on which the Tender Offer is currently scheduled to expire.
In addition to the Tender Offer Consideration, holders of 2026 Notes that are validly tendered and accepted for purchase will also receive accrued and unpaid interest to, but not including, the settlement date for the Tender Offer, which is currently expected to be December 3, 2024.
J.P. Morgan Securities LLC and TD Securities LLC are acting as dealer managers for the Tender Offer.
