Published on 9/3/2014 in the Prospect News High Yield Daily.
New Issue: WPX Energy prices $500 million 10-year bullet at par to yield 5¼%
By Paul A. Harris
Portland, Ore., Sept. 3 – WPX Energy, Inc. priced a $500 million issue of non-callable 10-year senior notes (Ba1/BB+/) at par to yield 5¼% on Wednesday, according to a syndicate source.
The yield printed at the tight end of the 5¼% to 5½% yield talk.
Wells Fargo Securities LLC was the left bookrunner. Citigroup Global Markets Inc., RBS Securities Inc., BofA Merrill Lynch, Barclays and J.P. Morgan Securities LLC were the joint bookrunners.
The Tulsa, Okla.-based natural gas and oil exploration and production company plans to use the proceeds to repay bank debt and for general corporate purposes.
| Issuer: | WPX Energy, Inc.
|
| Amount: | $500 million
|
| Maturity: | Sept. 15, 2024
|
| Securities: | Senior notes
|
| Left bookrunner: | Wells Fargo Securities LLC
|
| Joint bookrunners: | Citigroup Global Markets Inc., RBS Securities Inc., BofA Merrill Lynch, Barclays, J.P. Morgan Securities LLC
|
| Joint lead managers: | Credit Agricole CIB, Scotia Capital, RBC Capital Markets
|
| Co-managers: | BBVA, BOSC, Credit Suisse Securities (USA) LLC, MUFG, Mizuho Securities, SMBC Nikko, U.S. Bancorp Investments Inc.
|
| Coupon: | 5¼%
|
| Price: | Par
|
| Yield: | 5¼%
|
| Spread: | 284 bps
|
| Call protection: | Non-callable
|
| Trade date: | Sept. 3
|
| Settlement date: | Sept. 8
|
| Ratings: | Moody's: Ba1
|
| Standard & Poor's: BB+
|
| Distribution: | SEC registered
|
| Price talk: | 5¼% to 5½%
|
| Marketing: | Quick to market
|
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