WPX Energy Announces Pricing of Senior Notes
August 08 2017 - 04:43PM
Business Wire
WPX Energy (NYSE: WPX) announced today that it has priced its
previously announced public offering of $150 million of its 5.25%
Senior Notes due 2024. The notes were priced at 98.5% of par. The
notes are expected to rank equally with, and be treated as a single
class with, the $500 million aggregate principal amount of
currently outstanding 5.25% Senior Notes due 2024 previously issued
by WPX. The offering is expected to close on August 22, 2017,
subject to customary closing conditions.
The net proceeds from the offering will be approximately $145.9
million (excluding any accrued interest payable to WPX by the
purchasers in the offering), after deducting underwriting discounts
and commissions and before estimated offering expenses payable by
WPX. WPX intends to use the net proceeds from the offering,
together with, if required, borrowings under WPX’s senior secured
credit facility, to fund the purchase of up to $150 million
aggregate principal amount of its outstanding 7.500% Senior Notes
due 2020, 8.250% Senior Notes due 2023 and 6.000% Senior Notes due
2022 through cash tender offers. Any excess net proceeds will be
used for general corporate purposes, which may include the
repayment or redemption of outstanding indebtedness.
Wells Fargo Securities, BofA Merrill Lynch, Citigroup, Goldman
Sachs & Co. LLC, J.P. Morgan, MUFG and RBC Capital Markets are
acting as joint book-running managers for the offering.
The offering is being made pursuant to an effective shelf
registration statement of WPX previously filed with the Securities
and Exchange Commission. The offering may be made only by means of
a prospectus supplement and the accompanying base prospectus.
Copies of the preliminary prospectus supplement for the offering
and the accompanying base prospectus may be obtained by sending a
request to:
Wells Fargo Securities, LLC
Attn: WFS Customer Service 608 2nd Ave S, Suite 1000 Minneapolis,
MN 55402 Telephone:(800) 645-3751 Opt 5
Email:
wfscustomerservice@wellsfargo.com
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of
these securities, in any state or jurisdiction in which such offer,
solicitation or sale of these securities would be unlawful prior to
registration or qualification under the securities laws of any such
state or jurisdiction.
The tender offers are being made solely pursuant to WPX’s Offer
to Purchase dated August 8, 2017 and this press release does not
constitute an offer to purchase any securities.
About WPX Energy, Inc.
WPX has posted double-digit oil volume growth each of the past
five years. The company is active in the Delaware, Williston
and San Juan basins. The Delaware Basin is the western
portion of the greater Permian Basin.
This press release includes “forward-looking statements,”
including, but not limited to, those regarding the proposed
offering, the anticipated closing date of the offering and the use
of proceeds. All statements, other than statements of historical
facts, included in this press release that address activities,
events or developments that the company expects, believes or
anticipates will or may occur in the future are forward-looking
statements. Such statements are subject to a number of assumptions,
risks and uncertainties, many of which are beyond the control of
WPX. The forward-looking statements in this press release are made
as of the date of this press release, even if subsequently made
available by WPX on its website or otherwise. WPX does not
undertake and expressly disclaims any obligation to update the
forward-looking statements as a result of new information, future
events or otherwise. Investors are urged to consider carefully the
disclosure in our filings with the Securities and Exchange
Commission at www.sec.gov.
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version on businesswire.com: http://www.businesswire.com/news/home/20170808006480/en/
WPX EnergyMedia Contact:Kelly Swan,
539-573-4944orInvestor Contact:David Sullivan,
539-573-9360
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