By Andrea Heisinger
New York, June 21 - Pioneer Natural Resources Co. priced an upsized $600 million of 3.95% 10-year senior notes on Thursday at a spread of 240 basis points over Treasuries, a source who worked on the trade said.
The deal size was increased from $500 million.
The notes (Baa3/BBB-/) were priced at 99.44 to yield 4.018%. They have a make-whole call at Treasuries plus 37.5 bps over Treasuries until April 15, 2022 and a par call after that date.
There is a change-of-control put at 101%.
Active bookrunners were Citigroup Global Markets Inc. and Deutsche Bank Securities Inc. Passive bookrunners were Credit Suisse Securities (USA) LLC, UBS Securities LLC and Wells Fargo Securities LLC.
Senior co-managers were Bank of America Merrill Lynch and J.P. Morgan Securities LLC.
Co-managers were Credit Agricole Securities (USA) Inc., Goldman Sachs & Co., Mitsubishi UFJ Securities (USA), Inc. and RBS Securities Inc.
Proceeds will be used to reduce debt under a credit facility and to pay fees and expenses related to the offering.
The oil and gas exploration and production company is based in Irving, Texas.
| Issuer: | Pioneer Natural Resources Co.
|
| Issue: | Senior notes
|
| Amount: | $600 million, upsized from $500 million
|
| Maturity: | July 15, 2022
|
| Bookrunners: | Citigroup Global Markets Inc., Deutsche Bank Securities Inc. (active), Credit Suisse Securities (USA) LLC, UBS Securities LLC, Wells Fargo Securities LLC (passive)
|
| Senior co-managers: | Bank of America Merrill Lynch, J.P. Morgan Securities LLC
|
| Co-managers: | Credit Agricole Securities (USA) Inc., Goldman Sachs & Co., Mitsubishi UFJ Securities (USA), Inc., RBS Securities Inc.
|
| Coupon: | 3.95%
|
| Price: | 99.44
|
| Yield: | 4.018%
|
| Spread: | Treasuries plus 240 bps
|
| Call: | Make-whole at Treasuries plus 37.5 bps until April 15, 2022, par call after
|
| Change-of-control put: | 101%
|
| Trade date: | June 21
|
| Settlement date: | June 26
|
| Ratings: | Moody's: Baa3
|
| Standard & Poor's: BBB-
|
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