Published on 9/10/2019 in the Prospect News High Yield Daily.
New Issue: WPX Energy sells upsized $600 million senior notes due 2027 at par to yield 5¼%
By Cristal Cody
Tupelo, Miss., Sept. 10 – WPX Energy, Inc. priced an upsized $600 million of senior notes due Oct. 15, 2027 (B1/BB-/BB) on Tuesday at par to yield 5¼%, according to an FWP filing with the Securities and Exchange Commission.
The deal was upsized from $500 million.
Bookrunners were BofA Securities, Inc., J.P. Morgan Securities LLC, MUFG, Credit Agricole Securities (USA) Inc., Wells Fargo Securities, LLC, Barclays and Citigroup Global Markets Inc.
Lead managers were RBC Capital Markets, LLC and TD Securities (USA) LLC.
Proceeds will be used to fund the company’s tender offers for its 6% senior notes due 2022 and 8¼% notes due 2023 and for general corporate purposes.
WPX Energy is a Tulsa, Okla.-based oil and natural gas exploration and production company.
| Issuer: | WPX Energy, Inc.
|
| Amount: | $600 million
|
| Description: | Senior notes
|
| Maturity: | Oct. 15, 2027
|
| Bookrunners: | BofA Securities, Inc., J.P. Morgan Securities LLC, MUFG, Credit Agricole Securities (USA) Inc., Wells Fargo Securities, LLC, Barclays and Citigroup Global Markets Inc.
|
| Lead managers: | RBC Capital Markets, LLC and TD Securities (USA) LLC
|
| Co-managers: | BBVA Securities Inc., Scotia Capital (USA) Inc., U.S. Bancorp Investments, Inc., BB&T Capital Markets, Credit Suisse Securities (USA) Inc., Goldman, Sachs & Co. LLC, BOK Financial Securities, Inc., ABN Amro Securities (USA) LLC, Capital One Securities, Inc., CIBC World Markets Corp., ING Financial Markets LLC, PNC Capital Markets LLC and SunTrust Robinson Humphrey, Inc.
|
| Coupon: | 5¼%
|
| Price: | Par
|
| Yield: | 5¼%
|
| Call features: | Make-whole call at Treasuries plus 50 bps before Oct. 15, 2022; on or after Oct. 15, 2022 at 102.625, Oct. 15, 2023 at 101.75, Oct. 15, 2024 at 100.875 and Oct. 15, 2025 and thereafter at par
|
| Change-of-control put: | 101%
|
| Equity clawback: | Up to 35% of the principal before Oct. 15, 2022 at 105.25
|
| Trade date: | Sept. 10
|
| Settlement date: | Sept. 24
|
| Ratings: | Moody’s: B1
|
| S&P: BB-
|
| Fitch: BB
|
| Distribution: | SEC registered
|
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