Permian Resources Announces Pricing of Upsized $1,000.0 Million Private Placement of 6.25% Senior Notes Due 2033

This offering was upsized from an initial offering size of $750.0 million aggregate principal amount. The Issuer intends to use the net proceeds from this offering (i) to purchase for cash any and all of the Issuer’s outstanding 7.75% Senior Notes due 2026 (the “2026 Notes”), pursuant to the tender offer that commenced concurrently with this offering (the “Tender Offer”), including any related premiums and expenses in connection therewith, (ii) to the extent any 2026 Notes remain outstanding after the Tender Offer, to fund the redemption of all 2026 Notes not purchased in the Tender Offer, (iii) to fund a portion of the purchase price for the recently announced acquisition of oil and gas properties, interests and related assets owned by certain affiliates of Occidental Petroleum Corporation and (iv) with any remaining net proceeds, to repay a portion of the amounts outstanding under the Issuer’s revolving credit facility. This offering closed on August 5, 2024. A copy of the press release at pricing is below.

The Vinson & Elkins team was led by partners Doug McWilliams, Jackson O’Maley and David Stone and senior associate Alex Lewis, with assistance from associates Nate Richards, Travis Ewing, John Frey, Cole Leveque, Patience Li and Farzin Khoshravan. Also advising were partner Wendy Salinas and associate Jeff Slusher; and partner Dario Mendoza and associates Cassandra Zarate and Eric Hechler.