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Pioneer Natural Resources gets tenders for 84.6% of 6½% notes
By Jennifer Chiou
New York, May 25 - Pioneer Natural Resources Co. announced it received tenders from holders of $296.2 million or 84.6% of its $350 million outstanding of 6½% senior notes due 2008.
The offer ended at midnight ET on May 24. The company had received the same amount of tenders at the early deadline, 5 p.m. ET on May 10.
For each $1,000 principal amount of notes, the company said it will pay $1,018.04.
Pricing was calculated at 10 a.m. ET on May 10. The reference yield was 5.005% and the tender yield was 5.355%.
Noteholders who tendered by the early tender date will receive an additional early tender payment of $20.00 per $1,000 principal amount of notes included in the payout.
The tender price for the notes is based on the sum of the present value of scheduled payments up to and including the maturity date discounted using the bid-side yield on the 4.375% U.S. Treasury note due Dec. 31, 2007 and 35 basis points, minus interest accrued up to but excluding the settlement date.
In all cases, noteholders who tendered will also receive interest accrued up to but excluding the settlement date, which will be May 11 for noteholders who tender by May 10 and May 25 for those who tender by May 24.
The company said that completion of the tender offer is conditioned on, among other things, the successful closing of its public offering of $450 million of 6 7/8% senior notes due 2018.
D.F. King & Co. (800 758-5378 or 212 269-5550) is information agent for the offer, and Deutsche Bank Securities Inc. (866 627-0391 or 212 250-2955) is dealer manager.
Pioneer Natural Resources is an oil and gas exploration and production company based in Dallas.
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