Item 8.01 Other Events.
As previously reported in the Current Report on Form 8-K filed by Centennial
Resource Development, Inc. (the "Company") on March 19, 2021, Centennial
Resource Production, LLC ("CRP"), a wholly owned subsidiary of the Company,
completed a public offering (the "Offering") of $150.0 million aggregate
principal amount of 3.25% exchangeable senior notes due 2028 (the "Notes") on
March 19, 2021.
In connection with the Offering, the underwriters were granted an option to
purchase up to an additional $22.5 million aggregate principal amount of Notes
to cover over-allotments, if any. On March 24, 2021, the underwriters exercised
their over-allotment option and, on March 26, 2021, the underwriters purchased
an additional $20.0 million in aggregate principal amount of Notes pursuant to
their over-allotment option (the "Option Notes"), generating an additional $19.4
million of proceeds to CRP. As previously reported, CRP intends to use a portion
of the net proceeds from the sale of the Option Notes to fund the cost of
entering into additional capped call transactions, as well as to repay
outstanding borrowings under CRP's revolving credit facility.
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