WPX Energy Inc. concluded its cash tender offers for up to $400 million of its senior notes, receiving a total of $589.4 million in valid tenders as of May 22.
The energy producer offered to buy up to $400 million of its 6% senior notes due 2022 and 8.25% senior notes due 2023. $548.6 million of the 2022 notes and $40.8 million of the 2023 notes were validly tendered. Because the amount of validly tendered 2022 notes exceeded the maximum tender amount, WPX will only accept for purchase $400 million of the 2022 notes and none of the 2023 notes, according to a May 23 news release.
Holders of the notes purchased by WPX are set to receive $1,055 for every $1,000 of 2022 notes accepted for purchase.
Bank of America Merrill Lynch and Citigroup Global Markets Inc. served as the dealer managers for the tender offers.
WPX is an independent energy producer with core positions in the Permian and Williston basins.
