Pioneer Natural tenders for up to $500 million of three note series

By Sarah Lizee

Olympia, Wash., May 11 – Pioneer Natural Resources Co. launched cash tender offers to purchase up to $500 million of three series of its senior notes, according to a press release.

The following series are included in the tender offer, listed in order of acceptance priority level:

• $500 million 3.45% senior notes due 2021 (Cusip: 723787AL1) for a total consideration of $1,013 per $1,000 note;

• $600 million 3.95% senior notes due 2022 (Cusip: 723787AK3) for a total consideration of $1,045 per $1,000 note; and

• $250 million 7.2% senior notes due 2028 (Cusip: 723787AB3) for a total consideration of $1,135 per $1,000 note.

The total consideration for each series includes an early tender premium of $30 per $1,000 note. Holders who tender their notes by the early tender date, 5 p.m. ET on May 22, will be eligible to receive the early tender premium.

Pioneer intends to fund the tender offers with proceeds from a proposed private offering of convertible debt securities. The tender offers are conditioned on the financing.

Tenders may be withdrawn prior to the early tender date.

The tender offers will expire on 11:59 p.m. ET on June 8.

Tendered notes may be subject to pro rata scaling.

The dealer managers are Credit Suisse Securities (800 820-1653, 212 538-5828) and Goldman Sachs & Co. LLC (800 828-3182 or 212 902-6941). The information agent and tender agent is D.F. King & Co., Inc. (866 751-6311 and 212 269-5550).

Pioneer Natural Resources is a Dallas-based oil and gas exploration and production company.

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