Pioneer prices senior notes offerings

Pioneer Natural Resources Co. (NYSE: PXD) has priced an offering of $500 million of 3.45% senior notes that will mature Jan. 15, 2021, and $500 million of 4.45% senior notes that will mature Jan. 15, 2026, pursuant to an effective shelf registration statement that was previously filed with the US Securities and Exchange Commission.

The price to the public for the 2021 notes is 99.750% of the principal amount, and the price to the public for the 2026 notes is 99.889% of the principal amount.

The company intends to use the net proceeds of $992 million from the offering for general corporate purposes, including to fund the repayment or repurchase of Pioneer’s 5.875% senior notes due 2016 or Pioneer’s 6.65% senior notes due 2017, and to pay certain fees and expenses related to the offering.

Interest on both the 2021 notes and the 2026 notes will be payable on Jan. 15 and July 15 of each year. The first interest payment will be due on July 15, 2016, and will consist of interest from closing to that date. The offering is expected to close on Dec. 7.

The offering was underwritten by Goldman, Sachs & Co., Morgan Stanley & Co. LLC, Barclays Capital Inc., Deutsche Bank Securities Inc., and Wells Fargo Securities LLC, as joint book-running managers, by Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, JP Morgan Securities LLC and Merrill Lynch, Pierce, Fenner & Smith Inc. as senior co-managers, and BMO Capital Markets Corp., Mitsubishi UFJ Securities (USA) Inc., RBC Capital Markets LLC, SG Americas Securities LLC, and UBS Securities LLC as co-managers.

Pioneer is an independent oil and gas exploration and production company, headquartered in Dallas, Texas, with operations in the US.


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