PXP to Offer $500MM of Senior Notes

Plains Exploration & Production Company (PXP) announced that it intends to offer, subject to market and other conditions, $500 million of Senior Notes due 2022 in an underwritten public offering. The offering will be made under PXP's shelf registration statement, which became effective immediately upon filing with the Securities and Exchange Commission on March 5, 2010.

Net proceeds from the offering are expected to be used to repay amounts outstanding under PXP's senior revolving credit facility and for general corporate purposes. PXP intends to use future borrowings under its senior revolving credit facility, together with cash on hand and cash received upon the completion of the proposed asset sales, to fund its pending tender offers for its Senior Notes due 2015 and Senior Notes due 2017, which was announced separately today, and for general corporate purposes, which may include the redemption or repurchase of any of its 2015 notes and 2017 notes not tendered in the tender offers.


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