Newfield Exploration Announces Pricing of $600 Million of 7.125% Senior Subordinated Notes Due 2018**
May 05 2008 - 3:16PM
PR Newswire (US)
HOUSTON, May 5 /PRNewswire-FirstCall/ -- Newfield Exploration
Company (NYSE:NFX) today announced that it has priced $600 million
of Senior Subordinated Notes due 2018, which will carry an annual
interest rate of 7.125%. The Company intends to use the net
proceeds from the offering for general corporate purposes,
including to fund a portion of its 2008 capital program, and to
repay outstanding borrowings under its credit facility. The
offering was made under an effective shelf registration statement.
Closing of the offering is expected to occur on May 8, 2008,
subject to satisfaction of customary closing conditions. This
announcement shall not constitute an offer to sell or a
solicitation of an offer to buy the Senior Subordinated Notes due
2018. A copy of the prospectus supplement and related base
prospectus may be obtained from the SEC's website at
http://www.sec.gov/. Alternatively, the underwriters will provide
copies upon request to: J.P. Morgan Securities Inc. 270 Park
Avenue, 8th Floor New York, NY 10017 Attention: Syndicate Desk
Morgan Stanley, Prospectus Department 180 Varick Street, 2nd Floor
New York, NY 10014 Ph: 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 of growing
reserves through an active drilling program and select
acquisitions. Newfield's domestic areas of operation include the
U.S. onshore Gulf Coast, the Anadarko and Arkoma Basins of the
Mid-Continent, the Rocky Mountains and the Gulf of Mexico. The
Company has international operations in Malaysia 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: Investors, Steve
Campbell, +1-281-847-6081, or Media, Keith Schmidt,
+1-281-674-2650, both of Newfield Exploration Company, Web site:
http://www.newfield.com/
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