Pioneer Natural plans revolver drawdown for cash part of acquisition

Chicago, April 1 – Pioneer Natural Resources Co. announced a bolt-on acquisition to acquire the leasehold interests and related assets of DoublePoint Energy in a transaction valued at $6.4 billion as of April 1, according to a press release.

The purchase price includes $1 billion of cash which Pioneer intends to fund with a drawdown on an existing credit facility and cash.

The rest of the acquisition price is comprised of approximately 27.2 million shares of Pioneer common stock and the assumption of roughly $900 million of debt and liabilities.

Pioneer is an independent oil and gas exploration and production company based in Irving, Tex.

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