Centennial Resource Development, Inc. announced that it has priced exchangeable senior notes of its wholly-owned affiliate Centennial Resource Production, LLC (“CRP”).
The aggregate principal amount of the exchangeable senior notes is $150,000,000, carrying an interest rate of 3.25%, and will mature in 2028. Notably, the sale along with issuance of the notes that are fully and unconditionally guaranteed by Centennial and its affiliates is likely to be settled on Mar 19. In order to cover overallotment, underwriters of the notes are being given an option by CRP to buy extra notes of $22,500,000 principal amount. The option can be exercised within 30 days of the offering.
It has been estimated by CRP that the offering’s net proceeds will be $144.5 million. If the underwriters exercise their options fully, the net proceeds will be $166.3 million. The net proceeds will likely get utilized by CRP for the redemption of outstanding second lien senior secured notes that carry an interest rate of 8% and are scheduled to mature by 2025.
Centennial currently carries a Zacks Rank #3 (Hold). Meanwhile, a few better-ranked players in the energy space include EOG Resources, Inc. (EOG - Free Report) , ConocoPhillips (COP - Free Report) and Diamondback Energy, Inc. (FANG - Free Report) . All the stocks sport a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
EOG Resources is likely to see earnings growth of 206% in 2021.
ConocoPhillips has seen upward estimate revisions for 2021 earnings in the past 30 days.
Diamondback is likely to see earnings growth of 55% in 2021.
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Zacks has released a special report to help you capitalize on the Internet of Things’s exponential growth. It reveals 4 under-the-radar stocks that could be some of the most profitable holdings in your portfolio in 2021 and beyond.
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Zacks Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
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Centennial Resource Development, Inc. announced that it has priced exchangeable senior notes of its wholly-owned affiliate Centennial Resource Production, LLC (“CRP”).
The aggregate principal amount of the exchangeable senior notes is $150,000,000, carrying an interest rate of 3.25%, and will mature in 2028. Notably, the sale along with issuance of the notes that are fully and unconditionally guaranteed by Centennial and its affiliates is likely to be settled on Mar 19. In order to cover overallotment, underwriters of the notes are being given an option by CRP to buy extra notes of $22,500,000 principal amount. The option can be exercised within 30 days of the offering.
It has been estimated by CRP that the offering’s net proceeds will be $144.5 million. If the underwriters exercise their options fully, the net proceeds will be $166.3 million. The net proceeds will likely get utilized by CRP for the redemption of outstanding second lien senior secured notes that carry an interest rate of 8% and are scheduled to mature by 2025.
Centennial currently carries a Zacks Rank #3 (Hold). Meanwhile, a few better-ranked players in the energy space include EOG Resources, Inc. (EOG - Free Report) , ConocoPhillips (COP - Free Report) and Diamondback Energy, Inc. (FANG - Free Report) . All the stocks sport a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
EOG Resources is likely to see earnings growth of 206% in 2021.
ConocoPhillips has seen upward estimate revisions for 2021 earnings in the past 30 days.
Diamondback is likely to see earnings growth of 55% in 2021.
+1,500% Growth: One of 2021’s Most Exciting Investment Opportunities
In addition to the stocks you read about above, would you like to see Zacks’ top picks to capitalize on the Internet of Things (IoT)? It is one of the fastest-growing technologies in history, with an estimated 77 billion devices to be connected by 2025. That works out to 127 new devices per second.
Zacks has released a special report to help you capitalize on the Internet of Things’s exponential growth. It reveals 4 under-the-radar stocks that could be some of the most profitable holdings in your portfolio in 2021 and beyond.
Click here to download this report FREE >>
Zacks Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
Free: See Our Top Stock and 4 Runners Up >>
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