Pioneer Natural Resources to tender for 6½% notes with proceeds from sale of notes due 2018

By Angela McDaniels

Seattle, April 26 - Pioneer Natural Resources Co. said it will fund a tender offer for the $350 million outstanding of its 6½% senior notes due 2008 with proceeds from the sale of about $400 million of senior notes due 2018.

The company expects to launch the tender offer shortly after pricing the new notes.

Deutsche Bank Securities (212 250-6801) will be bookrunner for the offering of the new notes, and Morgan Stanley will be joint lead manager.

Pioneer Natural is an oil and gas exploration and production company based Dallas.

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