Centennial Resource Development’s $150 Million Exchangeable Senior Notes Offering

Latham & Watkins LLP represented Centennial Resource Development in the transaction, while Simpson Thacher represented the underwriters.

Centennial Resource Development, Inc. (NASDAQ: CDEV) executed a public offering of US$150 million aggregate principal amount of 3.25% exchangeable senior notes due 2028 of its wholly owned operating subsidiary, Centennial Resource Production, LLC (CRP). The notes will be fully and unconditionally guaranteed, on a senior, unsecured basis, by Centennial and its subsidiaries that currently guarantee CRP’s outstanding senior notes. CRP also granted the underwriters of the notes a 30-day option to purchase up to an additional US$22.5 million principal amount of notes, solely to cover over-allotments.

Centennial Resource Development is an independent oil producer with assets in the core of the Delaware Basin, a sub-basin of the Permian Basin in West Texas.

Latham & Watkins LLP represented Centennial Resource Development, Inc. in the transaction with a corporate deal team led by Houston partners John Greer (Picture) and Bill Finnegan, New York partners Greg Rodgers and Catherine Lee, and Los Angeles partner Arash Aminian Baghai, with New York associates Andrew Blumenthal, Christopher Yu, and Ariel Robbins-Rothman and Houston associates Dan Harrist, Madeleine Neet, and Brent Wagner. Advice was also provided on tax matters by Houston partner Jim Cole and New York partner Elena Romanova, with New York associate Michael Yu; and on environmental matters by Houston partner Joel Mack and Los Angeles counsel Josh Marnitz.

Simpson Thacher represented the underwriters, led by Citigroup Global Markets Inc., J.P. Morgan Securities LLC, and Jefferies LLC, with Brian E. Rosenzweig, Lia Toback, Richard Ragusa, Maggie Selbe and Gabe Corwin (Capital Markets); Jonathan Lindabury, Caitlin Wood and Nathan Utterback (Derivatives); Jonathan Cantor and Edward Grais (Tax); Michael Isby (Environmental); Jeanne Annarumma (Executive Compensation and Employee Benefits); and Jennie Getsin (FINRA).

Involved fees earner: Arash Aminian Baghai – Latham & Watkins; Andrew Blumenthal – Latham & Watkins; Jim Cole – Latham & Watkins; William Finnegan – Latham & Watkins; John Greer – Latham & Watkins; Daniel Harrist – Latham & Watkins; Catherine Lee – Latham & Watkins; Joel Mack – Latham & Watkins; Joshua Marnitz – Latham & Watkins; Madeleine Neet – Latham & Watkins; Ariel Esther Robbins-Rothman – Latham & Watkins; Gregory Rodgers – Latham & Watkins; Elena Romanova – Latham & Watkins; Brent Wagner – Latham & Watkins; Christopher Yu – Latham & Watkins; Michael Yu – Latham & Watkins; Jeanne Annarumma – Simpson Thacher & Bartlett; Jonathan Cantor – Simpson Thacher & Bartlett; Gabriel Corwin – Simpson Thacher & Bartlett; Jennie Getsin – Simpson Thacher & Bartlett; Edward Grais – Simpson Thacher & Bartlett; Michael Isby – Simpson Thacher & Bartlett; Jonathan Lindabury – Simpson Thacher & Bartlett; Richard Ragusa – Simpson Thacher & Bartlett; Brian Rosenzweig – Simpson Thacher & Bartlett; Margaret Selbe – Simpson Thacher & Bartlett; Lia Toback – Simpson Thacher & Bartlett; Nathan Utterback – Simpson Thacher & Bartlett; Caitlin Wood – Simpson Thacher & Bartlett;

Law Firms: Latham & Watkins; Simpson Thacher & Bartlett;

Clients: Centennial Resource Development; Citigroup Global Markets Ltd; J.P. Morgan Securities LLC; Jefferies;

Author: Martina Bellini