Coterra Energy (CTRA) Prices $500M Notes Offering

February 28, 2024 5:55 PM EST

Coterra Energy Inc. (“Coterra”) (NYSE: CTRA) announced today that it has priced an offering of $500 million aggregate principal amount of senior unsecured notes due 2034, which will carry an interest rate of 5.60%. The offering is expected to close on March 13, 2024, subject to the satisfaction of customary closing conditions. This is Coterra’s first debt offering since transactions completed in connection with the merger of Cabot Oil & Gas Corporation and Cimarex Energy Co.

Coterra intends to use the net proceeds from the offering, together with cash on hand, to fund the repayment at, or prior to, maturity of the $575 million outstanding principal amount (and any other amounts due thereon) of its 3.67% Series L Senior Notes due September 18, 2024.

J.P. Morgan Securities LLC, TD Securities (USA) LLC, Wells Fargo Securities, LLC and BofA Securities, Inc. are acting as book-running managers for the offering. When available, copies of the prospectus supplement and the accompanying base prospectus relating to the offering can be obtained without charge from the Securities and Exchange Commission (“SEC”) at Alternatively, copies of these documents can be obtained from J.P. Morgan Securities LLC at 383 Madison Avenue, New York, NY 10179, Attention: Investment Grade Syndicate Desk, 3rd Floor, or via phone at 1-212-834-4533; TD Securities (USA) LLC at 1 Vanderbilt Avenue, 11th Floor, New York, NY 10017, or via phone at 1-855-495-9846; Wells Fargo Securities, LLC at 608 2nd Avenue South, Suite 1000, Minneapolis, MN 55402, Attention: WF Customer Services, Toll-Free: 1-800-645-3751; or BofA Securities, Inc. at 201 North Tryon Street, NC1-022-02-25, Charlotte, NC 28255-0001, Attention: Prospectus Department, or via phone at 1-800-294-1322.

The notes are being offered and will only be sold pursuant to an effective registration statement that was previously filed with the SEC. This press release does not constitute an offer to sell nor a solicitation of an offer to buy any of the notes described herein, nor shall there be any sale of these notes in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction.

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