HOUSTON, March 24 /PRNewswire-FirstCall/ -- Plains
Exploration & Production Company (NYSE: PXP) today announced
that it has priced an underwritten public offering of $300 million of 7 5/8% Senior Notes due 2020. The
notes are being sold to the public at par. PXP intends to use the
net proceeds of the offering to repay indebtedness under its senior
revolving credit facility and for general corporate purposes.
Interest is payable on April 1 and
October 1 of each year. The first
interest payment will be made on October 1,
2010, and will consist of interest from closing to that
date. The offering is expected to close on March 29, 2010, subject to the satisfaction of
customary closing conditions.
J.P. Morgan Securities Inc., Barclays Capital Inc., BMO Capital
Markets Corp., Banc of America Securities LLC, Citi and Wells Fargo
Securities, LLC are acting as book-running managers of the
offering. The offering will be made only by means of a prospectus
supplement and accompanying base prospectus, copies of which may be
obtained from: J.P. Morgan Securities Inc., 270 Park Avenue, Floor
5, New York, NY 10017 (phone:
212-270-1477); Barclays Capital Inc., c/o Broadridge Integrated
Distribution Services, 1155 Long Island Avenue, Edgewood, NY 11717 (phone: 888-603-5847 and
e-mail: Barclaysprospectus@broadridge.com); BMO Capital Markets
Corp., Attention: Gokul Dhingra, 3
Times Square, 28th Floor, New York,
NY 10036 (phone: 212-702-1185 and e-mail:
gokul.dhingra@bmo.com); Banc of America Securities LLC, Attention:
Prospectus Department, One Bryant
Park, New York, NY 10036
(phone: 800-294-1322 and e-mail:
dg.prospectus_distribution@bofasecurities.com); Citi, Attention:
Prospectus Department, Brooklyn Army Terminal, 140 58th Street, 8th
Floor, Brooklyn, NY 11220 (phone:
800-831-9146 and e-mail: batprospectusdept@citi.com); and Wells
Fargo Securities, LLC, Attention: High Yield Syndicate, 301 S.
College Street, 6th Floor, Charlotte,
NC 28202 (phone: 704-715-7035).
When filed, an electronic copy of the final prospectus
supplement and accompanying base prospectus may also be obtained at
no charge at the Securities and Exchange Commission's website at
http://www.sec.gov.
This press release does 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 would be unlawful prior to registration or
qualification under the securities laws of any such state or
jurisdiction.
PXP is an independent oil and gas company primarily engaged in
the activities of acquiring, developing, exploring and producing
oil and gas in California,
Texas, Louisiana and the Gulf of Mexico. PXP is headquartered in
Houston, Texas.
ADDITIONAL INFORMATION & FORWARD-LOOKING
STATEMENTS
This press release contains forward-looking information
regarding PXP that is intended to be covered by the safe harbor
"forward-looking statements" provided by the Private Securities
Litigation Reform Act of 1995. All statements included in this
press release that address activities, events or developments that
PXP expects, believes or anticipates will or may occur in the
future are forward-looking statements. These include
statements regarding:
* completion of proposed offering,
* reserve and production estimates,
* oil and gas prices,
* the impact of derivative positions,
* production expense estimates,
* cash flow estimates,
* future financial performance,
* capital and credit market conditions,
* planned capital expenditures, and
* other matters that are discussed in PXP’s filings with the
SEC.
These statements are based on our current expectations and
projections about future events and involve known and unknown
risks, uncertainties, and other factors that may cause our actual
results and performance to be materially different from any future
results or performance expressed or implied by these
forward-looking statements. Please refer to our filings with the
SEC, including our Form 10-K, for a discussion of
these risks.
All forward-looking statements in this report are made as of
the date hereof, and you should not place undue reliance on these
statements without also considering the risks and uncertainties
associated with these statements and our business that are
discussed in this report and our other filings with the SEC.
Moreover, although we believe the expectations reflected in the
forward-looking statements are based upon reasonable assumptions,
we can give no assurance that we will attain these expectations or
that any deviations will not be material. Except for any obligation
to disclose material information under the Federal securities laws,
we do not intend to update these forward-looking statements and
information.
SOURCE Plains Exploration & Production Company