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Bond Market News
SM Energy Completes Tender Offer for 2028s
April 7, 2026
SM Energy completed a cash tender offer to buy back up to $1bn of 8.375% notes due 2028. This debt was originally issued by Civitas Resources and assumed by SM Energy following its merger with Civitas. The tender offer was originally announced on March 4. The company repurchased ~$894mn of the notes when the tender offer expired on 1 April 2026. It accepted $783.6mn at the early tender deadline of March 19 and $110.4mn in the final window. The offer was undersubscribed relative to the $1bn maximum though SM Energy accepted all valid tenders received.
Its 6.75% 2029s were stable at 101.9, yielding 6.1%
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