Published on 11/30/2015 in the Prospect News Investment Grade Daily.
New Issue: Pioneer Natural Resources sells $1 billion of five-, 10-year notes
By Aleesia Forni
New York, Nov. 30 – Pioneer Natural Resources sold a $1 billion two-part offering of senior notes (Baa3/BBB-/BBB-) in five- and 10-year tranches on Monday, according to a market source.
There was $500 million of 3.45% notes due Jan. 15, 2021 sold at Treasuries plus 185 basis points.
A $500 million tranche of 4.45% bonds due Jan. 15, 2026 sold with a spread of Treasuries plus 225 bps.
Both tranches came at the tight end of talk.
Bookrunners are Goldman Sachs & Co., Morgan Stanley & Co. LLC, Barclays, Deutsche Bank Securities Inc. and Wells Fargo Securities LLC.
The Irving, Texas-based oil and gas exploration and production company plans to use the proceeds for general corporate purposes, including the repayment or repurchase of its 5.875% notes due 2016 and 6.65% notes due 2017.
| Issuer: | Pioneer Natural Resources
|
| Issue: | Senior notes
|
| Amount: | $1 billion
|
| Bookrunners: | Goldman Sachs & Co., Morgan Stanley & Co. LLC, Barclays, Deutsche Bank Securities Inc., Wells Fargo Securities LLC
|
| Senior co-managers: | BofA Merrill Lynch, Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, J.P. Morgan Securities LLC
|
| Co-managers: | BMO Capital Markets, MUFG, RBC Capital Markets LLC, Societe Generale, UBS Securities LLC
|
| Trade date: | Nov. 30
|
| Ratings: | Moody’s: Baa3
|
| Standard & Poor’s: BBB-
|
| Fitch: BBB-
|
| Distribution: | SEC registered
|
|
|
| Five-year notes
|
| Amount: | $500 million
|
| Maturity: | Jan. 15, 2021
|
| Coupon: | 3.45%
|
| Spread: | Treasuries plus 185 bps
|
| Price guidance: | Treasuries plus 190 bps area
|
|
|
| 10-year notes
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| Amount: | $500 million
|
| Maturity: | Jan. 15, 2026
|
| Coupon: | 4.45%
|
| Spread: | Treasuries plus 225 bps
|
| Price guidance: | Treasuries plus 230 bps area
|
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