Chord Energy Corporation Announces Pricing of Cash Tender Offer for Its 6.375% Senior Notes Due 2026
HOUSTON, March 10, 2025 – Chord Energy Corporation (NASDAQ: CHRD) (“Chord Energy” or the “Company”), an independent oil and natural gas exploration and production company, announced today the pricing of its cash tender offer (the “Offer”) to purchase any and all of the outstanding 6.375% senior notes due 2026 (the “Notes”) of Chord Energy’s subsidiary, Chord Energy Finance Corp. The Offer is being made pursuant to the Company’s previously announced cash tender offer documentation, which was first distributed to eligible holders of the Notes on February 14, 2025.
Terms of the Offer
The table below sets forth the applicable Reference Yield and Consideration for the 2026 Notes, as calculated at 10:00 a.m., New York City time, on March 10, 2025 (the “Price Determination Time”).
| Amount Outstanding | Reference Yield | Total Consideration | |
|---|---|---|---|
| Outstanding Principal Amount | $500,000,000 | 3.12% | $511,625,000 |
Holders of the Notes who validly tender their Notes prior to 5:00 p.m., New York City time, on March 24, 2025 (the “Early Tender Deadline”) will be eligible to receive the Total Consideration. Holders who tender their Notes after the Early Tender Deadline but on or before the Expiration Date (as defined below) will be eligible to receive only the Base Consideration.
Effect on Chord Energy
By purchasing the outstanding 6.375% senior notes due 2026, Chord Energy aims to reduce its debt burden and improve its financial position. The Company will use the proceeds from a concurrent financing to fund the purchase of the Notes. This move is expected to improve Chord Energy’s debt profile and lower its interest expense, ultimately contributing to stronger financial performance and increased flexibility in its capital allocation.
Effect on Noteholders
Noteholders who tender their Notes in the Offer will receive the Total Consideration if they do so prior to the Early Tender Deadline. This represents a premium above the Notes’ par value and a yield to maturity (YTM) that is lower than the current market yield. However, noteholders who tender after the Early Tender Deadline but before the Expiration Date will only receive the Base Consideration, which is equal to the Notes’ par value.
It’s important for noteholders to consider their individual investment objectives and circumstances before deciding whether to participate in the Offer. They should consult with their financial advisors and review the Offer documentation carefully before making a decision.
Effect on the Market
The successful completion of Chord Energy’s tender offer could have a positive impact on the broader energy sector, as it shows the Company’s commitment to strengthening its financial position and managing its debt. This move may encourage other companies in the sector to follow suit and improve their own debt profiles, potentially leading to a more stable and resilient energy market.
Conclusion
Chord Energy Corporation’s announcement of the pricing of its cash tender offer for its 6.375% senior notes due 2026 marks an important step in the Company’s efforts to improve its financial position and reduce its debt burden. The Offer, which is being funded through a concurrent financing, is expected to lower Chord Energy’s interest expense and contribute to stronger financial performance. Noteholders who choose to participate in the Offer prior to the Early Tender Deadline will receive a premium above par value, while those who tender after the Early Tender Deadline but before the Expiration Date will receive par value. The successful completion of the Offer could also have a positive impact on the broader energy sector, potentially leading to a more stable and resilient market.
For more information about the Offer, noteholders should refer to the Company’s tender offer documentation, which is available on the Company’s website at
