WPX Energy (WPX) priced $500 million, in aggregate principal amount, of 7.50% and 8.25% senior unsecured notes, the company said July 17.
The 7.50% notes are due 2020, and the 8.25% notes are due 2023. The notes were sold to the public at par.
The net proceeds are expected to total about $987.5 million. Along with proceeds of common stock, 6.25% Series A mandatory convertible preferred stock, cash on hand and revolving credit facility borrowings, the net proceeds from the notes will finance the acquisition of RKI Exploration & Production LLC and related fees and expenses. If this acquisition is not completed, the notes will be subject to mandatory redemption.
The offering is scheduled to close July 22.
Barclays Capital Inc., Citigroup Global Markets Inc., J.P. Morgan Securities LLC, BofA Merrill Lynch, Wells Fargo Securities LLC, Credit Agricole Securities (USA) Inc. and Scotia Capital (USA) Inc. are joint book-running managers.
Tulsa, Okla.-based WPX Energy Inc. explores and produces domestic natural gas, NGL and oil.
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