9 Mar 2026capital raising announcement● NeutralMajor
Crescent issued $690 million of 2.75% convertible senior notes due March 15, 2031 (including a fully exercised $90 million extra allotment) under an indenture with U.S. Bank Trust Company dated March 6, 2026. The notes convert at about $14.89 per share (a ~32.5% premium to the $11.24 price on March 3, 2026), and Crescent paid about $57 million for capped call transactions with a $22.48 cap to reduce potential dilution; conversions can be settled in cash, shares or a mix at Crescent's choice, so some dilution is possible if the stock rises above the conversion price. The filing as excerpted does not state what the proceeds will be used for.