WPX Energy Inc. priced and upsized an underwritten public offering of $500 million of its 5.750% senior unsecured notes due 2026 at 100% of par, according to a May 9 news release.
The offering was upsized from the previously announced offering of $400 million of the 2026 notes. Net proceeds are expected to total $493.7 million.
WPX Energy plans to use net proceeds from the offering 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 are acting as lead book-running managers for the offering.