Concho Resources Prices Senior Unsecured Notes
Concho Resources has priced an offering of $300 million aggregate principal amount of senior unsecured notes due 2017. The notes will bear interest at a rate of 8.625% per annum and will be issued at a price equal to 98.578% of the principal amount thereof, resulting in a yield to maturity of 8.875%. Concho intends to use the net proceeds from the offering to repay a portion of the outstanding balance under its credit facility. Concho expects to close the sale of the notes on September 18, 2009, subject to the satisfaction of customary closing conditions.