WPX Energy Inc. completed an underwritten public offering of $500 million of its 5.750% senior unsecured notes due 2026, priced at 100% of par, according to a May 23 SEC filing.
The offering was upsized from the previously announced offering of $400 million of the 2026 notes. Interest on the notes, maturing June 1, 2026, will be paid June 1 and Dec. 1 of each year, starting Dec. 1.
The company plans to use net proceeds from the offering, which it estimated at about $493.7 million, to help fund previously announced tender offers to purchase up to $400 million of its outstanding senior notes due 2022 and 2023. The proceeds are also expected to be used for a planned redemption of its outstanding 7.500% senior notes due 2020. Any proceeds left over from the underwritten offering will be used for general corporate purposes, including debt repayment.
Citigroup and Bank of America Merrill Lynch acted as lead book-running managers for the offering.
