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Bond Market News
SM Energy Announces Tender Offer for 8.375% 2028s
March 5, 2026
SM Energy announced a cash tender offer to purchase up to $750mn of its outstanding 8.375% 2028s. Civitas Resources originally issued these notes, and SM Energy took over following the completion of its merger with Civitas. The total outstanding principal amount of these notes is $1.35bn. Holders who tender on or before the early tender deadline of 17 March 2026 will receive a total consideration of $1,031.75 per $1,000 in principal. This total includes a base tender offer consideration of $981.75 and an early tender premium of $50. Holders tendering after the early deadline but before the final expiration date of 1 April 2026 will receive only the base consideration. The early settlement date is expected to be March 19, while the final settlement date is anticipated to be April 3. The completion of the tender offer is conditional upon SM Energy successfully completing a new senior debt issuance, though no minimum tender amount is required. If the offer is fully subscribed as of the early tender date, notes tendered after that date will not be accepted and there will be no final settlement date.
Its 8.375% 2028s are trading stable at 103.38, yielding 7.59%.
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