Plains Exploration & Production Company has sold $200 million of 10% Senior Notes that will mature March 1, 2016, which notes are additional notes of the series originally issued by PXP on March 6, 2009.
The notes were sold to the public at 92.969% of the face value, plus interest accrued from March 6, 2009, to yield 11.5% to maturity. Net proceeds will be used for general corporate purposes, including future capital expenditures.
Interest is payable March 1 and September 1 of each year. The first interest payment will be made on September 1, 2009, and will consist of interest from March 6, 2009 to that date. The offering is expected to close on April 6, 2009.
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