Expand Energy Corporation has completed a public offering of $500,000,000 aggregate principal amount of its 5.650% Senior Notes due 2031. The transaction was executed on September 17, 2026, and the notes have been registered under the Securities Act of 1933 pursuant to a registration statement on Form S-3 (No. 333-283348) that became automatically effective on November 20, 2024.
The notes were issued under an Indenture dated December 2, 2024, between Expand Energy and Regions Bank, acting as trustee. This agreement was supplemented by a Second Supplemental Indenture, also dated September 17, 2026, which outlines the specific terms applicable to the notes.
According to the filing, the notes represent senior unsecured obligations of the company. They rank equally with the company's other current and future unsecured senior debt, including obligations under its revolving credit facility and existing senior notes. The notes are senior in right of payment to any future subordinated debt the company may incur and are structurally subordinated to any indebtedness incurred by the company's subsidiaries.
The Indenture contains customary terms and covenants, including limitations on the ability of the company and certain subsidiaries to secure funded indebtedness with liens and restrictions on the ability to consolidate or merge with or into another entity. The company retains the option to redeem the notes, in whole or in part, at any time prior to August 15, 2031, at a redemption price calculated according to the Indenture. On or after the Par Call Date, the company may redeem the notes at 100% of the principal amount plus accrued and unpaid interest.
In connection with the closing of the offering, the company has filed legal opinions from Kirkland & Ellis LLP and McAfee & Taft regarding the enforceability and legality of the notes, respectively. The filing also includes exhibits for the Base Indenture, the Second Supplemental Indenture, and the legal opinions.
