Pioneer Natural Resources Co. (NYSE: PXD), Dallas, cancelled its $400 million offering of 10-year unsecured senior notes. The debt was to be guaranteed, on an unsecured basis, by the independent producer's subsidiary, Pioneer Natural Resources USA Inc. Pioneer was to use anticipated proceeds to reduce bank debt. Credit Suisse First Boston, Banc of America Securities LLC and Chase Securities Inc. were to arrange the offering. Pioneer also has obtained commitments, subject to various conditions, for a new, fully underwritten five-year $600-million senior credit facility to replace its existing $939.6-million credit line. It anticipates that the new facility will be unsecured and guaranteed by Pioneer Natural Resources USA, Inc. and certain other subsidiaries. Bank of America, Credit Suisse First Boston and Chase Manhattan Bank provided the bank commitments and will arrange the senior credit facility. Enterprise Products Partners LP's (NYSE: EPD) operating subsidiary, Enterprise Products Operating LP, Houston, sold $350 million of five-year notes to the public. The midstream energy company will use proceeds to repay outstanding debt under its bank credit facilities. Chase Securities Inc. (sole book runner) and Lehman Brothers Inc. were co-lead managers. The underwriting group included Banc One Capital Markets Inc., First Union Securities Inc., FleetBoston Robertson Stephens, Scotia Capital (USA) Inc. and S.G. Cowen & Co. The debt matures on March 15, 2005, and bears an 8.25% fixed-rate interest coupon, with a $99.948 issue price yielding 8.263%. American International Petroleum Corp. (NASDAQ: AIPN) completed a conventional $1.85-million financing with GCA Strategic Investment Fund Ltd. The six-month loan is intended to provide interim working capital for certain domestic and international funding requirements until the New York producer and refiner's pending negotiations for various exploration and production and refinery projects are consummated. The loan is the fourth such transaction, totaling an aggregate of almost $8 million in conventional nonconvertible debt, which AIPN has completed with GCA since January 1999. LKB Financial LLP of Cumming, Ga., was agent.
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