Pioneer Natural Resources calls 4.75% convertibles

By Jennifer Chiou

New York, Nov. 15 - Pioneer Natural Resources Co. announced the redemption of its $27 million of 4.75% convertible notes due 2012 on Dec. 20.

The company said it will redeem the notes at par plus accrued interest up to but excluding the redemption date.

The Dallas-based oil and gas exploration and production company said that noteholders may convert their securities until the close of business on Dec. 18. Each $25.00 principal amount of notes is convertible into $19.98 in cash and 0.58175 of a Pioneer share. The company's stock closed at $40.84 on Nov. 14.

As previously announced, since June 30, $71 million of the notes have been converted into 1.7 million shares. The company paid $55 million in cash, and $27 million of the notes remains outstanding.

The company assumed the notes from Evergreen Resources Inc., which became a wholly owned subsidiary of Pioneer in September 2004. Pioneer announced plans for the redemption on Oct. 4.

U.S. Bancorp is the trustee and paying agent (713 235-9208).

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