Concho Resources Inc. Announces Pricing of Senior Unsecured Notes
Concho Resources Inc. (NYSE: CXO) (“Concho” or the “Company”) today announced that it has priced an offering of a total of $500 million aggregate principal amount of senior unsecured notes due 2031 (the “notes”). The notes will bear interest at a rate of 2.40% per annum and will be issued at 99.761% of par. The notes offering is expected to close on August 24, 2020, subject to the satisfaction of customary closing conditions. Concho intends to use the net proceeds from this offering for general corporate purposes, including, together with cash on hand, to redeem all of its outstanding 4.375% senior notes due 2025 (the “2025 notes”).
BofA Securities, J.P. Morgan and Wells Fargo Securities will act as joint bookrunning managers for the senior unsecured notes offering. The offering will be made only by means of a preliminary prospectus supplement and the accompanying base prospectus, copies of which may be obtained on the Securities and Exchange Commission (“SEC”) website at www.sec.gov. Alternatively, the underwriters will arrange to send you the preliminary prospectus supplement and related base prospectus if you request them by contacting BofA Securities, Inc., 200 North College Street, NC1-004-03-43, Charlotte, NC 28255-0001, Attention: Prospectus Department, or by e-mailing firstname.lastname@example.org, or via phone at (800) 294-1322; J.P. Morgan Securities LLC, 383 Madison Avenue, New York, NY 10179, Attention: Investment Grade Syndicate Desk, or via phone at (212) 834-4533; or Wells Fargo Securities, LLC, 608 2nd Avenue South, Suite 1000, Minneapolis, MN 55402, Attention: WFS Customer Service, or by e-mailing email@example.com, or via phone at (800) 645-3751.
This press release is neither an offer to sell nor a solicitation of an offer to buy any securities, nor shall there be any sale of any such securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. A registration statement, as amended, relating to the securities has been filed and became effective June 14, 2018. This press release is not intended as a notice of redemption. Any such notice will be given to holders of the 2025 notes in a manner prescribed in the indenture governing those notes.