Centennial Resource Development, Inc. (CDEV) announced an extension of the Early Tender Date for its Exchange Offers involving its outstanding Senior Notes. The new date is now aligned with the Expiration Date of these offers, set for May 19, 2020. As of May 5, 2020, $110.4 million of Old 2026 Notes and $143.5 million of Old 2027 Notes were validly tendered. Eligible Holders participating in the exchange can receive $500 in principal amount of newly issued Second and Third Lien Senior Secured Notes for every $1,000 of Old Notes tendered, subject to proration.
Centennial Resource Development (CDEV) reported a net loss of $548 million for Q1 2020, primarily due to a $611 million non-cash impairment related to lower commodity prices. The company suspended all drilling and completion activities and reduced its 2020 capital budget by 60% to approximately $240-$290 million. Centennial expects to curtail production by up to 40% in May and has implemented extensive cost-reduction measures, including a 30% cut in G&A expenses. Pro forma liquidity is reported at $468 million with a new borrowing base of $700 million.
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