Newfield Exploration to price $500 million split-rated 10.75-year bullet in Thursday drive-by

By Paul A. Harris

Portland, Ore., March 5 – Newfield Exploration Co. plans to price $500 million of split-rated non-callable 10.75-year senior notes (expected Ba1/expected BBB-/confirmed BB+) on Thursday afternoon trailing a late-morning conference call with investors, according to a market source.

J.P. Morgan Securities LLC, Wells Fargo Securities LLC, MUFG, Scotia Capital, U.S. Bancorp Investments Inc. and Goldman Sachs & Co. are the joint bookrunners for the public offering.

Sumitomo, Credit Suisse Securities (USA) LLC, BMO Securities, CIBC World Markets, Mizuho Securities, Fifth Third Bank, SG CIB, RBS Securities Inc. and Barclays are the co-managers.

The notes feature a par call three months prior to maturity but are otherwise non-callable.

The Woodlands, Texas-based oil and gas exploration, development and production company plans to use the proceeds, along with cash on hand or a draw on its revolver, to redeem its outstanding 6.875% senior subordinated notes due 2020.

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