Crescent Resources Announces Receipt Of Requisite Consent For Consent Solicitation For Senior Secured Notes Due 2017

CHARLOTTE, N.C., Feb. 5, 2013 /PRNewswire/ -- Crescent Resources, LLC (the "Company") announced today that the Company and Crescent Ventures, Inc., a wholly owned subsidiary of the Company (together, the "Issuers"), have received, pursuant to their previously announced solicitation of consents (the "Consent Solicitation") to amend (the "Proposed Amendments") the indenture (the "Indenture") governing the Issuers' 10.250% Senior Secured Notes due 2017 (the "Notes"), the requisite consents to adopt the Proposed Amendments.

The Company announced that consents had been delivered with respect to $272,158,000 of the Notes (representing approximately 78% of the outstanding aggregate principal amount of Notes as of February 4, 2013). In conjunction with receiving the requisite consents, the Issuers and The Bank of New York Mellon Trust Company, N.A., as trustee, executed a first supplemental indenture to the Indenture adopting the Proposed Amendments.

The Consent Solicitation is scheduled to expire at 5:00 p.m., New York City time, on February 5, 2013, unless extended or earlier terminated.  The Consent Solicitation is being made in accordance with the terms and subject to the conditions stated in a Consent Solicitation Statement dated January 29, 2013, as amended by a Supplement No. 1 to Consent Solicitation Statement dated January 31, 2013 (the "Consent Solicitation Statement"), to holders of record at 5:00 p.m., New York City time, on January 28, 2013.

The Issuers have retained Credit Suisse Securities (USA) LLC to act as Solicitation Agent in connection with the Consent Solicitation.  Questions about the Consent Solicitation may be directed to Credit Suisse at (800) 820-1653 (toll free) or (212) 325-2476 (collect).  Requests for copies of the Consent Solicitation Statement and related documents, and assistance relating to the procedures for delivering consents, may be obtained by contacting Global Bondholder Services Corporation, the Information and Tabulation Agent, at (866) 857-2200 (toll free).

This press release is not a solicitation of consents, and no recommendation is made, or has been authorized to be made, as to whether or not holders of Notes should consent to the adoption of the Proposed Amendments pursuant to the Consent Solicitation.  Each holder of Notes must make its own decision as to whether to give its consent to the Proposed Amendments.  The Consent Solicitation is made only by the Consent Solicitation Statement.  The Consent Solicitation is not being made to holders of Notes in any jurisdiction in which the making thereof would not be in compliance with the securities, blue sky or other laws of such jurisdiction.

Forward Looking Statements
This press release contains "forward-looking statements" within the meaning of the securities laws.  Forward-looking statements are not guarantees.  The Company believes that its expectations reflected in the forward-looking statements are based on its reasonable beliefs, assumptions and expectations, and have taken into account all information currently available to the Company.  Such beliefs, assumptions and expectations are subject to risks and uncertainties and can change as a result of future economic, competitive and market conditions, all of which are difficult or impossible to predict accurately and many of which are beyond the Company's control.  The Company can give no assurance that any of the events anticipated by its forward-looking statements will occur or, if any of them do, what impact they will have on the Company's results of operations and financial condition.  The Company undertakes no obligation to update or revise its forward-looking statements to reflect events or circumstances that arise after the date of this press release.

 

SOURCE Crescent Resources, LLC




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