Texas-based Pioneer Natural Resources Company is attempting to raise more money from investors through a new public offering of $1.1 billion in senior notes.
The company announced that it has priced a public offering of $1.1 billion of 1.90% Senior Notes that will mature August 15, 2030 pursuant to an effective shelf registration statement that was previously filed with the Securities and Exchange Commission.
The price to the public for the Notes is 99.205% of the principal amount.
The Company intends to use the net proceeds of approximately $1.08 billion from the offering, after deducting underwriting discounts (excluding fees and expenses of the offering), for general corporate purposes, which may include, but are not limited to, the repayment or repurchase of the Company’s 3.45% senior notes due 2021, 3.95% senior notes due 2022, or other corporate obligations.
Interest on the Notes will be payable on February 15 and August 15 of each year. The first interest payment will be due on February 15, 2021, and will consist of interest from closing to that date. The offering is expected to close on August 11, 2020, subject to the satisfaction of customary closing conditions.