Civitas Resources Inc. has announced the completion of its offering of $750 million in 9.625% Senior Notes due 2033, a strategic move to address its outstanding borrowings. The proceeds from this offering are slated for repaying a portion of the company's existing credit facility debt. Additionally, Civitas Resources has outlined options for note redemption, including the ability to redeem up to 35% of the principal amount before June 15, 2028, under specific conditions linked to equity offerings. The notes carry covenants that limit further indebtedness and certain financial activities, ensuring strategic financial management.
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