New Issue: Newfield Exploration prices $250 million 10-year notes to yield 8½%

By Paul A. Harris

St. Louis, Mo., Aug. 8 - Newfield Exploration Co. priced an off-the-shelf offering of $250 million of senior subordinated notes due Aug. 15, 2012 (Ba3/BB-) at 99.168 on Thursday to yield 8½%, according to a syndicate source.

Price talk was 8 3/8%-8 5/8%.

UBS Warburg and JP Morgan were joint bookrunners. The co-managers were Wachovia Securities, Inc., BNY Securities, Credit Lyonnais and Fleet Securities.

Proceeds will be used to repay debt assumed in the acquisition of EEX Corp.

The issuer is a Houston-based oil and gas exploration and production company.

Issuer: Newfield Exploration Co.

Amount:	$250 million
Maturity:	Aug. 15, 2012
Type:	Senior subordinated notes
Bookrunners:	UBS Warburg, JP Morgan
Coupon:	8 3/8%
Price:	99.168
Yield:	8½%
Spread:	412 basis points over 4 3/8% Treasury due Aug. 15, 2012
Call features:	Callable with a T+50 basis points make-whole call, then on Aug. 15, 2007 at 104.188. 102.792, 101.405, par on Aug. 15, 2010 and thereafter
Equity clawback:	Until Aug. 15, 2005 for 35% at 108.375
Settlement date:	Aug. 13, 2002 (T+3)
Payment dates:	Aug. 15 and Feb. 15 commencing Feb. 15, 2003
Ratings:	Moody's: Ba3
	Standard & Poor's: BB-
CUSIP:	651290AF5
Price talk:	8 3/8%-8 5/8%

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