DALLAS--(BUSINESS WIRE)--Jun. 21, 2012--
Pioneer Natural Resources Company (NYSE:PXD) (“Pioneer” or
“the Company”) today announced that it has priced an offering of
$600 million of 3.95% Senior Notes that will mature July 15, 2022 (the
“2022 Notes”) pursuant to a shelf registration statement that was
previously filed with the Securities and Exchange Commission. The price
to the public for the 2022 Notes is 99.44% of the principal amount.
Net proceeds of approximately $593 million from the offering will reduce
indebtedness under Pioneer's 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 Pioneer’s 2.875% Convertible Senior Notes due 2038 (the
“Convertible Notes”) on or after January 15, 2013. It is the Company's
current intent, based on market conditions, to exercise its right to
call the Convertible Notes on or about 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
The offering was underwritten by Citigroup Global Markets Inc., Deutsche
Bank Securities Inc., Credit Suisse Securities (USA) LLC, UBS Securities
LLC and Wells Fargo Securities, LLC, as Joint Book-Running Managers, by
J.P. Morgan Securities LLC and Merrill Lynch, Pierce, Fenner & Smith
Incorporated, as Senior Co-Managers, and by Credit Agricole Securities
(USA) Inc., Goldman, Sachs & Co., Mitsubishi UFJ Securities (USA), Inc.
and RBS Securities Inc., as Co-Managers. A copy of the prospectus
supplement and prospectus relating to the offering may be obtained from
Citigroup Global Markets Inc., Attention: Prospectus Department,
Brooklyn Army Terminal, 140 58th Street, 8th Floor, Brooklyn, New York
11220, (877) 858-5407 or Deutsche Bank Securities Inc., Attn: Prospectus
Department, 60 Wall Street, New York, NY 10005-2836, 1-800-503-4611, prospectus.CPDG@db.com.
An electronic copy of the prospectus supplement will be available on the
website of the Securities and Exchange Commission at www.sec.gov.
Pioneer is a large independent oil and gas exploration and production
company, headquartered in Dallas, Texas, with operations primarily in
the United States. For more information, visit Pioneer’s website at www.pxd.com.
Except for historical information contained herein, the statements in
this News Release are forward-looking statements that are made pursuant
to the Safe Harbor Provisions of the Private Securities Litigation
Reform Act of 1995. Forward-looking statements and the business
prospects of Pioneer are subject to a number of risks and uncertainties
that may cause Pioneer’s actual results in future periods to differ
materially from the forward-looking statements. These and other risks
are described in Pioneer’s 10-K and 10-Q Reports and other filings with
the Securities and Exchange Commission. In addition, Pioneer may be
subject to currently unforeseen risks that may have a materially adverse
impact on it. Pioneer undertakes no duty to publicly update these
statements except as required by law.
Source: Pioneer Natural Resources Company
Pioneer Natural Resources
Eric Pregler, 972-969-5756
Media and Public Affairs
Suzanne Hicks, 972-969-4020