Crescent Energy slides after announcing $400 mln convertible debt deal

Crescent Energy's CRGY.N shares down 4.4% at $11.48 in extended trading on planned capital raise news

Houston, Texas-based oil and gas producer announces private offering of $400 mln 5-yr convertible bonds

Co plans to use net offering proceeds to help redeem all of its outstanding 9.25% notes due 2028

It also intends to use portion of proceeds to pay cost of capped calls, derivative transactions employed to help mitigate potential dilution

With ~327.9 mln shares outstanding, co has $3.9 bln market cap

Stock on Mon ended up 3% at $12.01, up 43% YTD

11 of 14 analysts rate the stock "strong buy" or "buy", rest "hold"; median PT $13, LSEG data reflects