Published on 12/1/2015 in the Prospect News Investment Grade Daily.
New Issue: Pioneer Natural Resources details $1 billion of five-, 10-year notes
By Aleesia Forni
New York, Dec. 1 – Pioneer Natural Resources Co. detailed its $1 billion two-part offering of senior notes (Baa3/BBB-/BBB-) in an FWP filed with the Securities and Exchange Commission.
The Monday sale included $500 million of 3.45% notes due Jan. 15, 2021 sold at 99.75 to yield 3.503%, or Treasuries plus 185 basis points.
A $500 million tranche of 4.45% bonds due Jan. 15, 2026 sold at 99.889 to yield 4.463% 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 Co.
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| Issue: | Senior notes
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| Amount: | $1 billion
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| Bookrunners: | Goldman Sachs & Co., Morgan Stanley & Co. LLC, Barclays, Deutsche Bank Securities Inc., Wells Fargo Securities LLC
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| Senior co-managers: | BofA Merrill Lynch, Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, J.P. Morgan Securities LLC
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| Co-managers: | BMO Capital Markets, MUFG, RBC Capital Markets LLC, Societe Generale, UBS Securities LLC
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| Trade date: | Nov. 30
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| Settlement date: | Dec. 7
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| Ratings: | Moody’s: Baa3
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| Standard & Poor’s: BBB-
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| Fitch: BBB-
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| Distribution: | SEC registered
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| Five-year notes
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| Amount: | $500 million
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| Maturity: | Jan. 15, 2021
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| Coupon: | 3.45%
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| Price: | 99.75
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| Yield: | 3.503%
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| Spread: | Treasuries plus 185 bps
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| Price guidance: | Treasuries plus 190 bps area
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| Make-whole call: | Treasuries plus 30 bps prior to Dec. 15, 2020, then callable at par
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| 10-year notes
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| Amount: | $500 million
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| Maturity: | Jan. 15, 2026
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| Coupon: | 4.45%
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| Price: | 99.889
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| Yield: | 4.463%
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| Spread: | Treasuries plus 225 bps
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| Price guidance: | Treasuries plus 230 bps area
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| Make-whole call: | Treasuries plus 35 bps prior to Oct. 15, 2025, then callable at par
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