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WPX Energy launches $900M senior note offering to fund $2.5B Felix Energy deal

WPX Energy Inc. launched a public offering of $900 million of senior unsecured notes.

The company will use the proceeds to fund part of the cash consideration for the previously announced $2.5 billion acquisition of the Delaware Basin-focused producer Felix Energy LLC, according to a Jan. 7 news release.

WPX Energy said the offering is not dependent on the completion of the deal, but the senior notes would be subject to mandatory redemption if the transaction does not push through.

Barclays Capital Inc. and Citigroup Global Markets Inc. are serving as joint lead book-running managers.

WPX Energy in December 2019 struck the deal to acquire Felix, the consideration of which will be paid $900 million in cash and $1.6 billion in WPX Energy stock. In addition to the offering, the company previously said it also plans to fund the acquisition through committed financing from Barclays and a $1.5 billion revolving credit facility.