WPX Energy (NYSE: WPX) announced today that it has commenced an
underwritten public offering of $400 million of senior unsecured notes
due 2026. WPX intends to use the net proceeds from the offering and any
other sources of available funds, which may include borrowings under its
senior secured credit facility, to fund the purchase of up to $400
million aggregate principal amount of its outstanding 6.000% Senior
Notes due 2022 and 8.250% Senior Notes due 2023 through cash tender
offers and the planned redemption of its outstanding 7.500% Senior Notes
due 2020. Any excess net proceeds will be used for general corporate
purposes, which may include the repayment or redemption of outstanding
indebtedness.
Citigroup and BofA Merrill Lynch are acting as lead 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:
Citigroup
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c/o Broadridge Financial Solutions
1155 Long Island Avenue
Edgewood, NY 11717
Tel: 800-831-9146
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BofA Merrill Lynch
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NC1-004-03-43
200 North College Street, 3rd floor
Charlotte, NC 28255-0001
Attention: Prospectus Department
Email: dg.prospectus_requests@baml.com
Tel: 1-800-294-1322
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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 May 9, 2018, and this press release does not constitute
an offer to purchase any securities.
This press release does not constitute a notice of redemption for the
7.500% Senior Notes due 2020, which will be made pursuant to the
requirements of the indenture governing such notes.
About WPX Energy, Inc.
WPX is an independent energy producer with core positions in the Permian
and Williston basins. WPX’s production is approximately 80 percent
oil/liquids and 20 percent natural gas. The company also has an emerging
infrastructure portfolio in the Permian Basin.
This press release includes “forward-looking statements” within the
meaning of the Private Securities Litigation Reform Act of 1995,
including, but not limited to, those regarding the proposed 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: https://www.businesswire.com/news/home/20180509005596/en/
Copyright Business Wire 2018
Source: Business Wire
(May 9, 2018 - 7:12 AM EDT)
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