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WPX Energy prices $900M senior note offering

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Essential Energy Insights - January 2021


WPX Energy prices $900M senior note offering

WPX Energy Inc. priced its previously announced offering of $900 million of 4.500% senior unsecured notes due 2030 at par, according to a Jan. 7 news release.

The offering is expected to bring in proceeds of $888.75 million, after deducting underwriting discounts and commissions and before estimated offering expenses, which will be used to finance part of the cash consideration of the previously announced $2.5 billion acquisition of Delaware Basin-focused producer Felix Energy LLC.

The company said that the offering is not dependent on the completion of the deal, but the notes will be subject to mandatory redemption if the transaction does not push through.

Barclays Capital Inc. and Citigroup Global Markets Inc. are acting as joint lead book-running managers for the offering, which is expected to close Jan. 10, subject to customary closing conditions.