WPX Energy Announces Upsize and Pricing of Senior Notes
May 09 2018 - 7:00PM
Business Wire
WPX Energy (NYSE: WPX) announced today that it has priced its
public offering of $500 million of its 5.750% Senior Notes due
2026. The notes were priced at 100.000% of par. The offering was
upsized from the previously announced $400 million aggregate
principal amount and is expected to close on May 23, 2018, subject
to customary closing conditions.
The net proceeds from the offering will be approximately $493.7
million after deducting underwriting discounts and commissions and
before estimated offering expenses payable by WPX. WPX intends to
use the net proceeds from the offering to fund the purchase of up
to $400 million aggregate principal amount of its outstanding
6.000% Senior Notes due 2022 and 8.250% Senior Notes due 2023
through cash tender offers and the planned redemption of its
outstanding 7.500% Senior Notes due 2020. Any excess net proceeds
will be used for general corporate purposes, which may include the
repayment or redemption of outstanding indebtedness.
Citigroup and BofA Merrill Lynch are acting as lead 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:
Citigroup c/o Broadridge Financial Solutions
1155 Long Island Avenue
Edgewood, NY 11717
Tel: 800-831-9146
BofA Merrill Lynch
NC1-004-03-43
200 North College Street, 3rd floor
Charlotte NC 28255-0001
Attention: Prospectus Department
Email: dg.prospectus_requests@baml.com
Tel: 1-800-294-1322
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 May 9, 2018, and this press release does not
constitute an offer to purchase any securities.
This press release does not constitute a notice of redemption
for the 7.500% Senior Notes due 2020, which will be made pursuant
to the requirements of the indenture governing such notes.
About WPX Energy, Inc.
WPX is an independent energy producer with core positions in the
Permian and Williston basins. WPX’s production is approximately 80
percent oil/liquids and 20 percent natural gas. The company also
has an emerging infrastructure portfolio in the Permian Basin.
This press release includes “forward-looking statements” within
the meaning of the Private Securities Litigation Reform Act of
1995, 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: https://www.businesswire.com/news/home/20180509006599/en/
WPX Energy, Inc.Media Contact:Kelly Swan,
539-573-4944orInvestor Contact:David Sullivan,
539-573-9360
WPX Energy (NYSE:WPX)
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