Newfield upsizes and prices $700M of senior notes, amends credit facility

Newfield Exploration Co. (NYSE: NFX) has priced its public offering of $700 million of 5⅜% senior notes due 2026, an increase over the previously announced offering of $500 million aggregate principal amount. The notes were issued at par.

The company expects to close the offering on March 10, and intends to use the net proceeds from the offering, along with cash on hand or borrowings under its revolving credit facility, to redeem its outstanding 6⅞% senior subordinated notes due 2020.

JP Morgan Securities LLC, Wells Fargo Securities LLC, Mitsubishi UFJ Securities (USA) Inc., Scotia Capital (USA) Inc., US Bancorp Investments Inc., and Goldman, Sachs & Co. are acting as joint book-running managers for the offering.

Newfield has also amended its five-year revolving credit facility originally entered into on June 2, 2011. The amendment has increased the available borrowing capacity under the revolving credit facility from $1.4 billion to $1.8 billion and extended the term by two years, resulting in a maturity date of June 25, 2020. 

A total of 16 lenders participated in the company's $1.8 billion facility. JP Morgan Securities LLC and Wells Fargo Securities LLC served as joint bookrunners and joint lead arrangers.

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