Chord Energy (CHRD) said Monday it has started a cash tender offer to repurchase all $400 million of its outstanding 6.375% senior notes due 2026.
The consideration payable will be based on a fixed spread of 50 basis points over the US Treasury Reference Security, the 4.250% Treasury due May 31, 2025, the company said.
The offer will expire on March 10, unless extended or terminated by the company.
Chord Energy also said it also plans to offer $750 million of senior unsecured notes due 2033 in a private placement.
The company said it intends to use the net proceeds from the offering to finance its tender to redeem its 2026 notes and to repay a portion of its borrowings outstanding under its credit facility.
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