PXP Prices $400MM of Senior Notes
Plains Exploration & Production Company (PXP) has sold $400 million of 8.625% Senior Notes that will mature October 15, 2019. The notes were sold to the public at 98.335% of the face value to yield 8.875% to maturity. Net proceeds will be used for general corporate purposes, including to fund a portion of the payment of the remaining drilling carry under PXP's agreement with Chesapeake Energy Corporation.
Interest is payable April 15 and October 15 of each year. The first interest payment will be made on April 15, 2010, and will consist of interest from closing to that date. The offering is expected to close on September 11, 2009.
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