Double Eagle issues conditional call for 7¾% notes due 2025

By Wendy Van Sickle

Columbus, Ohio, May 4 – Double Eagle III Midco 1 LLC and Double Eagle Finance Corp. issued a conditional redemption notice for their $650 million of outstanding 7¾% notes due 2025, according to a news release from Pioneer Natural Resources Co., which acquired Double Eagle III from an indirect wholly owned subsidiary of DoublePoint Energy, LLC.

The redemption date will be May 18, and the redemption price for 35% of the notes will be 107.75, while the remainder of the notes will be redeemed at the make-whole redemption prices specified in the indenture.

Holders will also receive accrued interest.

The redemption is conditioned upon Pioneer’s completion of one or more debt offerings in a principal amount totaling at least $650 million.

The independent energy company is based in Fort Worth.

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