DENVER, March 12, 2019 (GLOBE NEWSWIRE) -- Centennial Resource Development, Inc. (“Centennial” or the “Company”)
(NASDAQ: CDEV) today announced that its subsidiary, Centennial Resource Production, LLC (“CRP”), has commenced, subject to market
conditions and other factors, a private offering of $500 million in aggregate principal amount of senior unsecured notes due 2027
to eligible purchasers (the “Notes Offering”).
CRP intends to use the net proceeds from the Notes Offering to repay all outstanding borrowings under its
revolving credit facility and for general corporate purposes.
The securities to be offered in the Notes Offering have not been registered under the Securities Act of 1933, as
amended (the “Securities Act”), or any state securities laws and, unless so registered, may not be offered or sold in the United
States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities
Act and applicable state securities laws. CRP plans to offer and sell the securities only to qualified institutional buyers
pursuant to Rule 144A under the Securities Act and to non-U.S. persons in transactions outside the United States pursuant to
Regulation S under the Securities Act.
This news release does not constitute an offer to sell or the solicitation of an offer to buy the securities
described herein, nor shall there be any sale of these securities in any jurisdiction in which such an offer, solicitation or sale
would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.
Cautionary Note Regarding Forward-Looking Statements
The information in this press release includes “forward-looking statements” within the meaning of Section 27A of
the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other
than statements of historical fact included in this press release, regarding CRP’s ability to complete the Notes Offering are
forward-looking statements. When used in this press release, the words “could,” “believe,” “anticipate,” “intend,” “estimate,”
“expect,” “project,” “goal,” “plan,” “target” and similar expressions are intended to identify forward-looking statements, although
not all forward-looking statements contain such identifying words. These forward-looking statements are based on management’s
current expectations and assumptions about future events and are based on currently available information as to the outcome and
timing of future events.
The Company cautions you that these forward-looking statements are subject to a variety of risks and
uncertainties, most of which are difficult to predict and many of which are beyond the Company’s control. Important
information about issues that could cause actual results and plans to differ materially from those expressed in any forward-looking
statements can be found in the Company’s public periodic filings with the Securities and Exchange Commission, including in the
Company’s Annual Report on Form 10-K. All forward-looking statements, expressed or implied, included in this press release
are expressly qualified in their entirety by this cautionary statement. This cautionary statement should also be considered in
connection with any subsequent written or oral forward-looking statements that the Company or persons acting on its behalf may
issue.
Except as otherwise required by applicable law, the Company disclaims any duty to update any forward-looking
statements, all of which are expressly qualified by the statements in this section, to reflect events or circumstances after the
date of this press release.
Contact:
Hays Mabry
Director, Investor Relations
(832) 240-3265
ir@cdevinc.com
