WPX Energy (NYSE: WPX) said Aug. 8 that it has commenced an underwritten public offering of $150 million of its 5.25% senior notes due 2024. The notes are to be treated as a single class and are expected to rank equally with the $500 million aggregate principal amount of currently outstanding 5.25% senior notes due 2024 as previously issued by WPX.
WPX intends to use the net proceeds from the offering with, if required, borrowings under WPX’s senior secured credit facility to fund the purchase of up to $150 million aggregate principal amount of its outstanding 7.5% senior notes due 2020, 8.25% senior notes due 2023 and 6% senior notes due 2022 through cash tender offers.
Any excess net proceeds will be used for general corporate purposes, which may include the repayment or redemption of outstanding indebtedness.
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