Tulsa’s WPX Energy says it’s received nearly $589 million in tenders as part of the company’s recent $400 million cash tender offer for some of its outstanding Senior notes.
Information from Global Bondholder Services corporation, the Depositary and Information Agent for the Tenders Offers as of May 22, 2018 showed $548.6 million of the 6% Senior Notes due 2022 and $40.8 million for the 8.250% Senior Notes due 2023.
WPX leadership will now have to decide which offers to accept to purchase the $400 million aggregate principal amount and base the decision on those notes validly tendered and not validly withdrawn prior to the Early Tender Date. None of the 2023 notes will be accepted for purchase and no Notes tendered after the Early Tender Date will be accepted for purchase.
Holders of the purchased notes will get a total consideration of $1,055 per $1,000 principal amount of 2022 notes accepted for purchase.
The dealer managers for the Tender Offers are BofA Merrill Lynch and Citigroup Global Markets Inc. (the “Dealer Managers”).
