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QEP Resources closes $500M senior notes offering

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QEP Resources closes $500M senior notes offering

QEP Resources Inc. closed its $500 million offering of 5.625% senior notes due March 1, 2026, according to a Nov. 21 SEC filing.

About $134 million of the net proceeds from the offering will be used to redeem the company's outstanding 6.80% senior notes due 2018, while the rest will be used to finance its tender offer to purchase up to $361 million of its outstanding 6.80% senior notes due 2020 and 6.875% senior notes due 2021, subject to priority levels. If necessary, the company will use cash on hand and borrowings under its revolving credit facility to fund the tender offers.

Wells Fargo Securities LLC, BMO Capital Markets Corp., Citigroup Global Markets Inc., Deutsche Bank Securities Inc., JP Morgan Securities LLC, MUFG Securities Americas Inc. and US Bancorp Investments Inc. acted as joint book-running managers for the offering.