Pioneer Natural Resources Announces Pricing of Offering of $500 Million of Senior Notes Due 2021 & $500 Million of Senior Not...
November 30 2015 - 7:10PM
Business Wire
Pioneer Natural Resources Company (NYSE:PXD) (“Pioneer”
or “the Company”) today announced that it has priced an offering of
$500 million of 3.45% Senior Notes that will mature January 15,
2021 (the “2021 Notes”), and $500 million of 4.45% Senior Notes
that will mature January 15, 2026 (the “2026 Notes”), pursuant to
an effective shelf registration statement that was previously filed
with the Securities and Exchange Commission. The price to the
public for the 2021 Notes is 99.750% of the principal amount, and
the price to the public for the 2026 Notes is 99.889% of the
principal amount.
The Company intends to use the net proceeds of approximately
$992 million from the offering for general corporate purposes,
including to fund the repayment or repurchase of Pioneer’s 5.875%
Senior Notes due 2016 or Pioneer’s 6.65% Senior Notes due 2017, and
to pay certain fees and expenses related to the offering.
Interest on both the 2021 Notes and the 2026 Notes will be
payable on January 15 and July 15 of each year. The first interest
payment will be due on July 15, 2016, and will consist of interest
from closing to that date. The offering is expected to close on
December 7, 2015, subject to customary closing conditions.
The offering was underwritten by Goldman, Sachs & Co.,
Morgan Stanley & Co. LLC, Barclays Capital Inc., Deutsche Bank
Securities Inc. and Wells Fargo Securities, LLC, as Joint
Book-Running Managers, by Citigroup Global Markets Inc., Credit
Suisse Securities (USA) LLC, J.P. Morgan Securities LLC and Merrill
Lynch, Pierce, Fenner & Smith Incorporated, as Senior
Co-Managers, and BMO Capital Markets Corp., Mitsubishi UFJ
Securities (USA), Inc., RBC Capital Markets, LLC, SG Americas
Securities, LLC and UBS Securities LLC, as Co-Managers. The
offering is being made only by means of a prospectus supplement and
accompanying prospectus, copies of which may be obtained from
Goldman, Sachs & Co., Attn: Prospectus Department, 200 West
Street, New York, New York 10282, Telephone: 1-866-471-2526, or
Morgan Stanley & Co. LLC, Attn: Prospectus Department, 180
Varick Street, 2nd Floor, New York, New York 10014, Telephone:
1-866-718-1649. An electronic copy of the prospectus supplement
will be available on the website of the Securities and Exchange
Commission at www.sec.gov.
This news 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.
Pioneer is a large independent oil and gas exploration and
production company, headquartered in Dallas, Texas, with operations
in the United States. For more information, visit Pioneer’s website
at www.pxd.com.
Except for historical information contained herein, the
statements in this news release are forward-looking statements that
are made pursuant to the Safe Harbor Provisions of the Private
Securities Litigation Reform Act of 1995. Forward-looking
statements and the business prospects of Pioneer are subject to a
number of risks and uncertainties that may cause Pioneer’s actual
results in future periods to differ materially from the
forward-looking statements. These and other risks are described in
Pioneer’s 10-K and 10-Q Reports and other filings with the
Securities and Exchange Commission. In addition, Pioneer may be
subject to currently unforeseen risks that may have a materially
adverse impact on it. Pioneer undertakes no duty to publicly update
these statements except as required by law.
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version on businesswire.com: http://www.businesswire.com/news/home/20151130006413/en/
Pioneer Natural Resources CompanyInvestorsFrank
Hopkins, 972-969-4065orMichael Bandy, 972-969-4513orMedia and
Public AffairsTadd Owens, 972-969-5760orRobert Bobo,
972-969-4020
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