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WPX Energy upsizes oversubscribed tender offers to $550M

WPX Energy Inc. upsized its cash tender offers for senior notes to $550 million, from $450 million, to accommodate tenders that went over the maximum purchase price.

As of the early tender date of Sept. 23, the independent energy producer received $455.5 million in valid tenders for the 6.000% senior notes due 2022 and $220.7 million for the 8.250% senior notes due 2023, for a total of $676.2 million. Due to the oversubscription, WPX raised the maximum tender amount to be accepted for purchase to $550 million. All other terms of the tender offers are unchanged.

WPX, whose core positions are in the Permian and Williston basins, now expects to accept for purchase all validly tendered 2022 notes and $94.5 million of the tendered 2023 notes, according to a Sept. 23 news release.

WPX will no longer accept for purchase any notes tendered after Sept. 23. Holders of the purchased notes would receive an early tender premium of $50 per $1,000 of notes, with accrued and unpaid interest from the last interest payment up to but excluding the settlement date of Sept. 24.

Bank of America Merrill Lynch is the dealer manager for the tender offers.