Published on 8/6/2020 in the Prospect News Investment Grade Daily.
New Issue: Pioneer Natural Resources sells $1.1 billion 1.9% 10-year notes at 145 bps spread
By Cristal Cody
Tupelo, Miss., Aug. 6 – Pioneer Natural Resources Co. sold $1.1 billion of 1.9% 10-year senior notes (Baa2/BBB/BBB) on Thursday at 99.205 to yield 1.988%, or a spread of Treasuries plus 145 basis points, according to a market source and an FWP filed with the Securities and Exchange Commission.
Initial price talk was at the Treasuries plus 165 bps area.
Bookrunners were BofA Securities Inc., J.P. Morgan Securities LLC, Wells Fargo Securities, LLC, Barclays, BMO Capital Markets Corp., Citigroup Global Markets Inc., Morgan Stanley & Co. LLC, MUFG and TD Securities (USA) LLC.
The company may use the proceeds to repay or repurchase the 3.45% senior notes due 2021, the 3.95% senior notes due 2022 or other corporate obligations.
Pioneer Natural Resources is a Dallas-based oil and gas exploration and production company.
| Issuer: | Pioneer Natural Resources Co.
|
| Amount: | $1.1 billion
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| Maturity: | Aug. 15, 2030
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| Description: | Senior notes
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| Bookrunners: | BofA Securities Inc., J.P. Morgan Securities LLC, Wells Fargo Securities, LLC, Barclays, BMO Capital Markets Corp., Citigroup Global Markets Inc., Morgan Stanley & Co. LLC, MUFG and TD Securities (USA) LLC
|
| Senior co-managers: | Credit Suisse Securities (USA) LLC, Goldman Sachs & Co. LLC, RBC Capital Markets, LLC, Scotia Capital (USA) Inc. and U.S. Bancorp Investments, Inc.
|
| Co-managers: | BBVA Securities Inc., CIBC World Markets Corp., Citizens Capital Markets, Inc., PNC Capital Markets LLC and Truist Securities, Inc.
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| Coupon: | 1.9%
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| Price: | 99.205
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| Yield: | 1.988%
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| Spread: | Treasuries plus 145 bps
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| Call features: | Make-whole call at Treasuries plus 25 bps before May 15, 2030; thereafter at par
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| Trade date: | Aug. 6
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| Settlement date: | Aug. 11
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| Ratings: | Moody’s: Baa2
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| S&P: BBB
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| Fitch: BBB
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| Distribution: | SEC registered
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| Price guidance: | Treasuries plus 165 bps area
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