Crescent Energy raises $690M via convertible notes, caps dilution with $57M hedge

Filed March 9, 2026 · Period ending March 3, 2026 · ~1 min read

Key Changes

• high

  Issued $690M of 2.75% convertible senior notes due 2031, convertible at $14.89/share (32.5% premium to March 3 stock price of $11.24). Up to 61.4M shares could be issued upon conversion, representing significant potential dilution.

  Item 1.01: Convertible debt issuance verify on EDGAR →
• high

  Purchased $57M in capped call transactions to reduce shareholder dilution from conversions, with protection capped at $22.48/share (100% premium). Hedges offset dilution or cash payments if stock rises, but only up to the cap price.

  Item 1.01: Capped call transactions verify on EDGAR →
• medium

  Notes are unsecured and rank equally with other senior unsecured debt but are junior to secured debt. Company can redeem notes starting March 2029 if stock exceeds 130% of conversion price for 20 of 30 trading days.

  Item 1.01: Debt seniority verify on EDGAR →