WPX Energy Commences Tender Offers for Senior Notes due 2022 and 2023

 

WPX Energy (NYSE: WPX) announced today that it has commenced cash tender offers (the “Tender Offers”) to purchase up to $450,000,000 aggregate principal amount (as it may be increased by WPX, the “Aggregate Maximum Tender Amount”) of its outstanding 6.000 percent Senior Notes due 2022 (the “2022 Notes”) and 8.250 percent Senior Notes due 2023 (the “2023 Notes” and, together with the 2022 Notes, the “Notes”).

The terms and conditions of the Tender Offers are described in an Offer to Purchase, dated Sept. 10, 2019 (the “Offer to Purchase”). WPX intends to fund the Tender Offers with the net proceeds of its proposed offering of debt securities (the “Debt Financing”) and, if necessary, any other sources of available funds, which may include borrowings under its revolving credit facility.

The following table sets forth certain terms of the Tender Offers:

						Dollars per $1,000 Principal Amount of Notes
Title of Notes		CUSIP Numbers / ISIN	Aggregate Principal Amount Outstanding(1)	Tender Cap	Acceptance Priority Level	Tender Offer Consideration(2)	Early Tender Premium	Total Consideration (2)(3)
6.000% Senior Notes due 2022		98212BAD5 98212BAB9 US98212BAD55 US98212BAB99 U46031AB3	$528,746,000	N/A	1	$1,017.50	$50.00	$1,067.50
8.250% Senior Notes due 2023		98212BAG8 US98212BAG86