Pioneer to Refinance Existing Senior Debt
Pioneer Natural Resources Company (NYSE: PXD) intends to offer approximately $400 million of Senior Notes due 2018 (the "2018 Notes").
Proceeds from the offering of the 2018 Notes will be used, in part, to fund a tender offer for any and all of Pioneer's 6.50% Senior Notes due 2008, of which $350 million aggregate principal amount is currently outstanding. The tender offer is expected to be launched shortly after the pricing of the 2018 Notes. All remaining proceeds from the offering of the 2018 Notes will be used for general corporate purposes.
Deutsche Bank Securities will be the sole book-running joint lead manager and Morgan Stanley will be joint lead manager for the offering of the 2018 Notes.
The 2018 Notes will be sold by means of a prospectus relating to a shelf registration statement that was previously filed and declared effective. This press release shall not constitute an offer to sell or a solicitation of an offer to purchase the 2018 Notes. The prospectus shall not constitute an offer to sell or a solicitation of an offer to purchase, nor shall there be any sale of 2018 Notes in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction. A copy of the prospectus supplement and prospectus relating to the offering may be obtained from Deutsche Bank Securities Inc., 60 Wall Street, New York, New York 10005, (212) 250-6801.
Pioneer is a large independent oil and gas exploration and
production company with operations in the United States, Canada and
Africa. Pioneer's headquarters are in Dallas, Texas.
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