Crescent Energy Company (NYSE: CRGY) today announced that an affiliate of KKR has notified the Company that it intends to convert and distribute approximately 27.9 million Class A shares to certain of its legacy investors, who are primarily large institutions (the “Class A Conversion”). Following the Class A Conversion, the amount of stock held by non-affiliated public holders will increase from 29% to 46% through the conversion of private Class B shares / OpCo Units into publicly traded Class A shares. Such Class A shares will be subject to customary legal trading restrictions associated with restricted stock. KKR retains its existing 16% ownership, which is held by an indirect subsidiary of KKR & Co. Inc. for its own account and not through its investment funds. KKR remains a long-term investor and has reiterated that it has no present intention of selling its shares in the Company. The conversion is expected to be effective in July 2023.
Crescent Energy to Increase Public Float to 46% Through Conversion of Class B Private Shares
Jun 05, 2023
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