Crescent Resources Announces Expiration of Consent Solicitation for Senior Secured Notes Due 2017

Feb 06, 2013, 09:20 ET from Crescent Resources, LLC

CHARLOTTE, N.C., Feb. 6, 2013 /PRNewswire/ -- Crescent Resources, LLC (the "Company") announced today the expiration and final results of the previously announced solicitation of consents (the "Consent Solicitation") to amend (the "Proposed Amendments") the indenture (the "Indenture") governing the Company's and its wholly owned subsidiary, Crescent Ventures, Inc.'s, (together, the "Issuers"), 10.250% Senior Secured Notes due 2017 (the "Notes").  The Consent Solicitation expired pursuant to its terms at 5 p.m., New York City time, on February 5, 2013(the "Expiration Time").

As of the Expiration Time, consents had been delivered with respect to $347,625,000 of the Notes (representing approximately 99% of the outstanding aggregate principal amount of Notes).  The Consent Solicitation was 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 February 1, 2013 (the "Consent Solicitation Statement"), to holders of record at 5:00 p.m., New York City time, on January 28, 2013.  The holders of accepted consents will receive a consent fee pursuant to terms of the Consent Solicitation Statement.

The Company previously 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 January 28, 2013) and that, 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 Issuers 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 for informational purposes only and is not an offer to buy or the solicitation of an offer to sell with respect to any securities.  The Consent Solicitation was made only by the Consent Solicitation Statement.  The Consent Solicitation was not 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