Pioneer Natural Resources Co. (PXD: Quote) Thursday priced a $600 million offering of 3.95 percent senior notes due July 15, 2022. The price to the public for the 2022 notes is 99.44 percent of the principal amount.
The company expects net proceeds of about $593 million from the offering which will reduce indebtedness under its credit facility and pay certain fees and expenses related to the offering.
Capacity under the facility may be used for general corporate purposes, including to fund the purchase or redemption of 2.875 percent convertible senior notes due 2038 on or after January 15, 2013.
Interest on the 2022 notes will be payable on January 15 and July 15 of each year. The first interest payment will be due on January 15, 2013, and will consist of interest from closing to that date. The offering is expected to close on June 26, 2012, subject to customary closing conditions.
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by RTT Staff Writer
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