Exhibit 99.1
FOR IMMEDIATE RELEASE
Centennial Resource Development, Inc. Announces
Extension of Early Tender Date of the Exchange Offers and Consent Solicitations
DENVER, May 6, 2020 (GLOBE NEWSWIRE) - Centennial Resource Development, Inc. (“Centennial” or the “Company”) (NASDAQ: CDEV) today announced that its operating subsidiary, Centennial Resource Production, LLC (“CRP”), has extended the date by which early tenders must be received (the “Early Tender Date”) for its previously announced offers (the “Exchange Offers”) to exchange its outstanding 5.375% Senior Notes due 2026 (the “Old 2026 Notes”) and its outstanding 6.875% Senior Notes due 2027 (the “Old 2027 Notes” and, together with the Old 2026 Notes, the “Old Notes”) for up to $250 million aggregate principal amount of newly issued 8.00% Second Lien Senior Secured Notes due 2025 (the “Second Lien Notes”) and up to $200 million aggregate principal amount of newly issued 8.00% Third Lien Senior Secured Notes due 2027 (the “Third Lien Notes” and, together with the Second Lien Notes, the “New Notes”), in each case upon the terms and subject to the conditions set forth in the confidential offering memorandum and consent solicitation statement, dated April 22, 2020, as supplemented by supplement no. 1 thereto, dated May 4, 2020 (as so supplemented, the “Offering Memorandum”). As of 5:00 p.m., New York City time, on May 5, 2020, $110.4 million in aggregate principal amount of Old 2026 Notes and $143.5 million in aggregate principal amount of Old 2027 Notes had been validly tendered and not validly withdrawn pursuant to the terms of the Exchange Offers and related consent solicitations (the “Consent Solicitations”).
The Early Tender Date was previously 5:00 p.m., New York City time, on May 5, 2020 and will now be extended to the Expiration Date (as defined in the Offering Memorandum) of the Exchange Offers, which is 11:59 p.m., New York City time, on May 19, 2020, unless extended or earlier terminated by the Company. All references to the Early Tender Date in the Offering Memorandum are hereby amended such that the Early Tender Date will be the same date and time as the Expiration Date. Accordingly, Eligible Holders (as defined below) that tender their Old Notes prior to such time will be eligible to receive the Early Exchange Consideration (as defined in the Offering Memorandum), which means for each $1,000 principal amount of Old Notes properly tendered (and not properly withdrawn) and accepted by CRP prior to the Expiration Date will be eligible to receive $500 in principal amount of Second Lien Notes or Third Lien Notes, as applicable and subject to proration as described in the Offering Memorandum. The withdrawal deadline for the Exchange Offers was 5:00 p.m., New York City time, on May 5, 2020 and has not been extended. Other than the extension of the Early Tender Date described herein, the terms and conditions of the Exchange Offers and the Consent Solicitations remain as set forth in the Offering Memorandum.
The Exchange Offers and Consent Solicitations will only be made, and the New Notes are only being offered and issued, to holders of Old Notes who are (a) reasonably believed to be “qualified institutional buyers” as defined in Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”), or (b) not “U.S. persons” as defined in Rule 902 under the Securities Act and are in compliance with Regulation S under the Securities Act (such holders, the “Eligible Holders”). Only Eligible Holders who have completed and returned the eligibility letter are authorized to receive or review the Offering Memorandum or to participate in the Exchange Offers and Consent Solicitations. Eligible Holders of the Old Notes who desire to obtain and complete an eligibility form should contact the Information Agent at (866)807-2200 (toll-free) or(212) 430-3774 (for banks and brokers) or emailcontact@gbsc-usa.com or access the website athttps://gbsc-usa.com/eligibility/centennial.
Eligible Holders of the Old Notes are urged to carefully read the Offering Memorandum before making any decision with respect to the Exchange Offers and Consent Solicitations. None of the Company, CRP, the dealer managers, the trustee with respect to the Old Notes and the New Notes, the information and exchange agent or any affiliate of any of them makes any recommendation as to whether Eligible Holders of the Old Notes should exchange their Old Notes for New Notes in the Exchange Offers, and no one has been authorized by any of them to make such a recommendation. Eligible Holders must make their own decision as to whether to tender Old Notes and, if so, the principal amount of Old Notes to tender.
