After completion of its recent acquisition of Parsley Energy, Dallas-based Pioneer Natural Resources Company has launched a $2.5 billion note offering in order to help pay for the move.
Pioneer announced its offering $1 billion in 2.150% senior notes with a Jan. 15, 2031 maturity; a $750 million offering of 1.125% senior notes that will mature Jan. 15 of 2026; and $750 offering of 0.750% senior notes that will mature Jan. 15, 2024.
The announcement said the price to the public for the 2024 notes is 99.959% of the principal amount, 99.981% for the 2026 notes and 99.742% for the 2031 notes.
Pioneer explained it will use net proceeds from the $2.5 billion offering to refinance certain notes that had been issued by Parsley Energy, LLC and some of its subsidiaries.
The redemption will include Parsley’s 5.375% Senior notes due 2025 and the 5.250% senior notes due 2025 as well as all of the outstanding 5.875% senior notes due 2026 that were issued by Jagged Peak Energy LLC.
BofA Securities, Inc., Citigroup Global Markets Inc., J.P. Morgan Securities LLC and TD Securities (USA) LLC will act as Joint Book-Running Managers for the Offering.
