WPX Energy to sell $150 million tap of 5¼% bullet due 2024 on Tuesday

By Paul A. Harris

Portland, Ore., Aug. 8 – WPX Energy, Inc. plans to price a $150 million add-on to its 5¼% senior bullet notes due Sept. 15, 2024 (expected ratings B3/B+) on Tuesday, according to market sources.

The pubic offering is being marketed without a lender call.

Although official price talk is pending, the existing 5¼% notes due 2024 were trading at 99¼ bid, par offered on Tuesday morning, an investor said.

Wells Fargo Securities LLC is the left bookrunner. Other syndicate names are expected to be announced.

The notes are non-callable before June 15, 2024, three months prior to maturity.

The Tulsa, Okla.-based natural gas and oil exploration and production company plans to use the proceeds to fund tender offers for portions of the outstanding senior notes due 2020, 2022 and 2023.

The original $500 million issue priced at par in September 2014.

The add-on notes will become immediately fungible with original notes.

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