Newfield Exploration Announces Pricing of $550 Million of 6 5/8% Senior Subordinated Notes Due 2016**
March 29 2006 - 6:43PM
PR Newswire (US)
HOUSTON, March 29 /PRNewswire-FirstCall/ -- Newfield Exploration
Company (NYSE:NFX) today announced that it has priced $550 million
of Senior Subordinated Notes due 2016, which will carry an annual
interest rate of 6 5/8%. The Company intends to use the net
proceeds from the offering to redeem its 8 3/8% Senior Subordinated
Notes due 2012 ($250 million aggregate principal amount outstanding
plus redemption premium of approximately $20 million) and for
general corporate purposes, including to fund a portion of the
Company's 2006 capital program. The offering was made under an
effective shelf registration statement. Closing of the offering is
expected to occur on April 3, 2006, subject to satisfaction of
customary closing conditions. This announcement shall not
constitute an offer to sell or a solicitation of an offer to buy
Senior Subordinated Notes due 2016. A copy of the prospectus
relating to the offering can be obtained from Morgan Stanley &
Co. Incorporated. Direct any requests to Morgan Stanley, Prospectus
Department, 180 Varick Street, 2nd Floor, New York, NY 10014, by
email at or by phone at 917-606-8474. Newfield Exploration Company
is an independent crude oil and natural gas exploration and
production company. The Company relies on a proven growth strategy
growing reserves through the drilling of a balanced risk/reward
portfolio and select acquisitions. Newfield's domestic areas of
operation include the Gulf of Mexico, the U.S. onshore Gulf Coast,
the Anadarko and Arkoma Basins of the Mid-Continent and the Uinta
Basin of the Rocky Mountains. The Company has international
exploration and development projects underway in Malaysia, the U.K.
North Sea and China. ** The statements set forth in this release
contain certain forward- looking statements within the meaning of
Section 27A of the Securities Act of 1933 and Section 21E of the
Securities Exchange Act of 1934, including the consummation of the
offering, the availability of capital resources to fund capital
expenditures and the use of proceeds. Although the Company believes
that the expectations reflected in this information are reasonable,
this information is based upon assumptions and actual results may
vary significantly from those anticipated due to many factors. For
information, contact: Investor Relations: Steve Campbell (281)
847-6081 Media Relations: Keith Schmidt (281) 674-2650 Email:
DATASOURCE: Newfield Exploration Company CONTACT: investor
relations, Steve Campbell, +1-281-847-6081, or media relations,
Keith Schmidt, +1-281-674-2650, both of Newfield Exploration
Company, Web site: http://www.newfield.com/
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