Crescent Energy falls after convertible bonds sale upsized to $600 mln

Oil and gas producer Crescent Energy's CRGY.N shares down 2.6% at $10.95 before the bell following above-planned raise

Houston, Texas-based CRGY late Tues announced pricing private offering of $600 mln 2.75% 5-yr convertible bonds

Initial conversion price set at $14.89, 32.5% above stock's last close of $11.24

CRGY shares ended down 6.4% on Tues after co late Mon launched $400 mln deal to redeem all of its outstanding 9.25% notes due 2028

It intends to use ~$49 mln of proceeds to pay cost of capped calls; initial cap price of $22.48 is double stock's last sale on Tues

Through Tues, stock up 34% YTD after 43% drop in 2025

Avg rating of 14 analysts is "buy"; median PT $13 - LSEG