Concho to pay down credit facility borrowings with Oryx sale proceeds

By Sara Rosenberg

New York, April 2 – Concho Resources Inc. plans on repaying borrowings outstanding on its credit facility using proceeds from the sale of Oryx to Stonepeak Infrastructure Partners, according to a news release.

Concho owns a 23.75% equity interest in Oryx and will receive about $300 million at closing after repayment of Oryx’s outstanding borrowings.

Closing is expected in the second quarter, subject to customary conditions, including clearance under the Hart-Scott-Rodino Antitrust Improvements Act.

Concho Resources is a Midland, Texas-based shale producer in the Permian Basin.

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