WPX Energy to redeem $700 million in bonds at a premium

Permian shale oil and gas producer WPX Energy Inc., newly merged with Devon Energy Corp., will redeem $700 million worth of senior notes early, the companies said in an SEC filing March 11.

WPX will redeem $210 million in 5.25% notes due 2027 for 105.25% of face value on April 10, $175 million in 5.875% notes due 2028 for 105.875% of face value on March 26, and $315 million in 4.5% notes due 2030 for 104.5% of face value on March 26.

WPX will use cash and equity from Devon to redeem the notes, the filing said.

In late September 2020, Devon and WPX agreed to a merger of equals. Devon Executive Chairman David Hager pointed to the combination of both companies' Permian holdings as a driving factor behind the deal.