Item 1.01. Entry into a Material Definitive Agreement.

The information contained in Item 2.03 of this Current Report is incorporated into this Item 1.01 by reference.

Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an


           Off-Balance Sheet Arrangement of a Registrant.

On February 10, 2022, Crescent Energy Finance LLC (f/k/a Independence Energy Finance LLC) (the "Issuer"), a Delaware limited liability company and indirect subsidiary of Crescent Energy Company (NYSE: CRGY) (the "Company"), issued $200.0 million aggregate principal amount of its 7.250% senior notes due 2026 (the "New Notes"). The New Notes were issued as additional notes pursuant to the indenture, dated as of May 6, 2021, as supplemented by the first supplemental indenture, dated as of January 14, 2022, and a second supplemental indenture, dated as of February 10, 2022 (the "Second Supplemental Indenture" and, taken together with the "Based Indenture" and the "First Supplemental Indenture," the "Indenture"), by and among the Issuer, the guarantors named therein (the "Guarantors") and U.S. Bank Trust Company, National Association, as successor to U.S. Bank National Association, as trustee (the "Trustee"), pursuant to which the Issuer issued $500.0 million aggregate principal amount of 7.250% senior notes due 2026 on May 1, 2021 (the "Existing Notes" and, together with the New Notes, the "Notes"). The New Notes will be treated as a single series and will vote together as a single class with the Existing Notes, and have identical terms and conditions, other than the issue date, the issue price and the first interest payment, as the Existing Notes. Additional information regarding the Notes and the Indenture, pursuant to which such Notes were issued, is set forth below.

Indenture and Senior Notes

The Notes are senior unsecured obligations of the Issuer. The Notes are fully and unconditionally guaranteed on a senior unsecured basis by the existing subsidiaries of the Issuer that guarantee its indebtedness under its revolving credit facility. The Notes are not guaranteed by the Company, which is the managing member of Crescent Energy OpCo LLC ("OpCo"), which is the sole member of the Issuer, or OpCo, and neither the Company nor OpCo is subject to the terms of the Indenture.

Maturity and Interest

The Notes will mature on May 1, 2026. The Notes bear interest at the rate of 7.250% per annum, payable in arrears on each May 1 and November 1, with interest payments on the New Notes commencing May 1, 2022.

Optional Redemption

At any time prior to May 1, 2023, the Issuer may redeem up to 40% of the aggregate principal amount of the Notes with an amount of cash not greater than the net cash proceeds of certain equity offerings at a redemption price equal to 107.250% of the principal amount of the Notes redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date, if at least 50% of the aggregate principal amount of the Notes remains outstanding immediately after such redemption and the redemption occurs within 180 days of the closing date of such equity offering.

At any time prior to May 1, 2023, the Issuer may, on any one or more occasions, redeem all or a part of the Notes at a redemption price equal to 100% of the principal amount of the Notes redeemed, plus a "make-whole" premium and accrued and unpaid interest, if any, to, but excluding, the redemption date.

On or after May 1, 2023, the Issuer may redeem the Notes, in whole or in part, at the redemption prices set forth below, plus accrued and unpaid interest, if any, to, but excluding, the redemption date:





Year                             Percentage
May 1, 2023 to April 30, 2024        103.625 %
May 1, 2024 to April 30, 2025        101.813 %
May 1, 2025 and thereafter           100.000 %




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Change of Control

If the Issuer experiences certain kinds of changes of control accompanied by a ratings decline, each holder of the Notes may require the Issuer to repurchase all or a portion of its Notes for cash at a price equal to 101% of the aggregate principal amount of such Notes, plus accrued and unpaid interest, if any, to, but excluding, the repurchase date.

Certain Covenants

The Indenture contains covenants that, among other things, limit the ability of the Issuer's restricted subsidiaries to: (i) incur or guarantee additional indebtedness or issue certain types of preferred stock; (ii) pay dividends or distributions in respect of its equity or redeem, repurchase or retire its equity or subordinated indebtedness; (iii) transfer or sell assets; (iv) make investments; (v) create certain liens; (vi) enter into agreements that restrict dividends or other payments from any non-Guarantor restricted subsidiary to it; (vii) consolidate, merge or transfer all or substantially all of its assets; (viii) engage in transactions with affiliates; and (ix) create unrestricted subsidiaries.

Events of Default

If an Event of Default (as defined in the Indenture) occurs and is continuing under the Indenture, the Trustee or holders of at least 30% in principal amount of the then total outstanding Notes by written notice to the Issuer and the Trustee may declare the principal, premium, if any, interest and any other monetary obligations on all the then outstanding Notes to be due and payable immediately; provided that the Notes will not be due and payable immediately if such an Event of Default results from (i) certain events of bankruptcy or insolvency with respect to the Issuer, any restricted subsidiary of the Issuer that is a significant subsidiary or any group of restricted subsidiaries of the Issuer that, taken together, would constitute a significant subsidiary, or (ii) the guarantee of any restricted subsidiary of the Issuer that is a significant subsidiary or any group of restricted subsidiaries of the Issuer that, taken together, would constitute a significant subsidiary, for any reasons ceases to be in full force and effect, except as contemplated by the Indenture, or is declared null and void or a financial officer of such significant subsidiary or group of restricted subsidiaries of the Issuer that, taken together, would constitute a significant subsidiary, denies in writing that it has any further liability under its guarantee.

The foregoing description of the Indenture is not complete and is qualified in its entirety by reference to the full text of the Base Indenture, the First Supplemental Indenture and the Second Supplemental Indenture, copies of which are filed as Exhibits 4.1, 4.2 and 4.3 hereto, respectively, and are incorporated herein by reference.

Item 7.01. Regulation FD Disclosure.

On February 7, 2022, the Company issued a news release announcing the pricing of the offering by the Issuer of the New Notes. A copy of the news release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

The information in this Item 7.01 (including the exhibit) shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section, and is not incorporated by reference into any filing under the Securities Act of 1933, as amended (the "Securities Act"), or the Exchange Act.




Item 8.01 Other Events.


Purchase Agreement

On February 7, 2022, the Issuer and the Guarantors entered into a purchase agreement (the "Purchase Agreement") with BofA Securities, Inc. (the "Representative"), as representative of the several initial purchasers named therein (the "Initial Purchasers"), in connection with the offering (the "Notes Offering") of the New Notes. The Issuer





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expects the net proceeds from the Notes Offering to be approximately $198.5 million, after adding the issue premium and deducting the Initial Purchasers' discount and estimated offering expenses, but excluding accrued interest payable by purchasers of the New Notes. The Issuer intends to use the net proceeds from the Notes Offering to repay a portion of the amounts outstanding under its revolving credit facility.

The New Notes were issued and sold to the Initial Purchasers pursuant to an exemption from the registration requirements of the Securities Act, pursuant to Section 4(a)(2) thereunder. The Initial Purchasers intend to resell the New Notes only to persons reasonably believed to be qualified institutional buyers in accordance with Rule 144A under the Securities Act and to certain persons outside the United States in accordance with Regulation S under the Securities Act. The New Notes have not been registered under the Securities Act, or any state securities laws, and, unless so registered, may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state securities laws. The Notes Offering closed on February 10, 2022.

The Purchase Agreement contains customary representations, warranties and agreements by the Issuer and the Guarantors and customary conditions to closing, obligations of the parties and termination provisions. Additionally, the Issuer and the Guarantors have agreed to indemnify the Initial Purchasers against certain liabilities, including liabilities under the Securities Act, or to contribute to payments the Initial Purchasers may be required to make because of any of those liabilities. Furthermore, the Issuer and the Guarantors have agreed with the Initial Purchasers not to offer or sell any debt securities issued or guaranteed by the Issuer or the Guarantors having more than one year until maturity for a period of 60 days after the date of the Purchase Agreement without the prior written consent of the Representative.

Certain of the Initial Purchasers and their respective affiliates have, from time to time, performed, and may in the future perform, various financial advisory, commercial banking and investment banking services for the Issuer, for which they received or will receive customary fees and expenses. In particular, an affiliate of Wells Fargo Securities, LLC is the administrative agent under the Issuer's revolving credit facility. In addition, in the ordinary course of their various business activities, the Initial Purchasers and their respective affiliates may make or hold a broad array of investments, and actively trade debt and equity securities (or related derivative securities) and financial instruments (including bank loans) for their own account and for the accounts of their customers, and such investments and securities activities may involve securities and/or instruments of the Issuer.

Item 9.01 Financial Statements and Exhibits.




(d) Exhibits.



Exhibit                                  Description

 4.1          Indenture, dated as of May 6, 2021, among Crescent Energy Finance
            LLC (f/k/a Independence Energy Finance LLC), the guarantors named
            therein, and U.S. Bank Trust Company, National Association, as
            successor to U.S. Bank National Association, as trustee.

 4.2          First Supplemental Indenture, dated as of January 14, 2022, among
            Crescent Energy Finance LLC, the guarantors named therein, and U.S.
            Bank Trust Company, National Association, as successor to U.S. Bank
            National Association, as trustee.

 4.3          Second Supplemental Indenture, dated as of February 10, 2022, among
            Crescent Energy Finance LLC, the guarantors named therein, and U.S.
            Bank Trust Company, National Association, as trustee.

99.1          Press Release, dated February 7, 2022.

104         Cover Page Interactive Data File (embedded within the Inline XBRL
            document).




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