WPX Energy Announces Pricing of Senior Notes
TULSA, Okla.--(BUSINESS WIRE)--
WPX Energy (NYSE: WPX) announced today that it has priced its previously
announced public offering of $150 million of its 5.25% Senior Notes due
2024. The notes were priced at 98.5% of par. The notes are expected to
rank equally with, and be treated as a single class with, the $500
million aggregate principal amount of currently outstanding 5.25% Senior
Notes due 2024 previously issued by WPX. The offering is expected to
close on August 22, 2017, subject to customary closing conditions.
The net proceeds from the offering will be approximately $145.9 million
(excluding any accrued interest payable to WPX by the purchasers in the
offering), after deducting underwriting discounts and commissions and
before estimated offering expenses payable by WPX. WPX intends to use
the net proceeds from the offering, together with, if required,
borrowings under WPX’s senior secured credit facility, to fund the
purchase of up to $150 million aggregate principal amount of its
outstanding 7.500% Senior Notes due 2020, 8.250% Senior Notes due 2023
and 6.000% Senior Notes due 2022 through cash tender offers. Any excess
net proceeds will be used for general corporate purposes, which may
include the repayment or redemption of outstanding indebtedness.
Wells Fargo Securities, BofA Merrill Lynch, Citigroup, Goldman Sachs &
Co. LLC, J.P. Morgan, MUFG and RBC Capital Markets are acting as joint
book-running managers for the offering.
The offering is being made pursuant to an effective shelf registration
statement of WPX previously filed with the Securities and Exchange
Commission. The offering may be made only by means of a prospectus
supplement and the accompanying base prospectus. Copies of the
preliminary prospectus supplement for the offering and the accompanying
base prospectus may be obtained by sending a request to:
Wells Fargo Securities, LLC
Attn: WFS Customer Service
608 2nd Ave S, Suite 1000
Minneapolis, MN 55402
Telephone:(800) 645-3751 Opt 5
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of these
securities, in any state or jurisdiction in which such offer,
solicitation or sale of these securities would be unlawful prior to
registration or qualification under the securities laws of any such
state or jurisdiction.
The tender offers are being made solely pursuant to WPX’s Offer to
Purchase dated August 8, 2017 and this press release does not constitute
an offer to purchase any securities.
About WPX Energy, Inc.
WPX has posted double-digit oil volume growth each of the past five
years. The company is active in the Delaware, Williston and San Juan
basins. The Delaware Basin is the western portion of the greater Permian
This press release includes “forward-looking statements,” including,
but not limited to, those regarding the proposed offering, the
anticipated closing date of the offering and the use of proceeds. All
statements, other than statements of historical facts, included in this
press release that address activities, events or developments that the
company expects, believes or anticipates will or may occur in the future
are forward-looking statements. Such statements are subject to a number
of assumptions, risks and uncertainties, many of which are beyond the
control of WPX. The forward-looking statements in this press release are
made as of the date of this press release, even if subsequently made
available by WPX on its website or otherwise. WPX does not undertake and
expressly disclaims any obligation to update the forward-looking
statements as a result of new information, future events or otherwise.
Investors are urged to consider carefully the disclosure in our filings
with the Securities and Exchange Commission at www.sec.gov.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170808006480/en/
Source: WPX Energy Inc