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Pioneer Sells $450 Million of 12-Year Notes
DALLAS--(BUSINESS WIRE)--April 26, 2006--Pioneer Natural Resources Company (NYSE:PXD) today announced that it has sold $450 million of 6.875% Senior Notes that will mature May 1, 2018 (the "2018 Notes"). The price to the public for the 2018 Notes is 99.903% of the principal amount. Net proceeds of approximately $447 million will be used to (i) fund a tender offer for the Company's outstanding 6.50% Senior Notes due 2008, of which $350 million is currently outstanding, and (ii) for general corporate purposes.
Interest is payable May 1 and November 1 of each year. The first interest payment will be made on November 1, 2006, and will consist only of interest from closing to that date. The offering is expected to close on May 1, 2006.
The offering was underwritten by Deutsche Bank Securities, as sole book-running joint lead manager, and Morgan Stanley, as joint lead manager. A copy of the prospectus supplement and prospectus relating to the offering may be obtained from Deutsche Bank Securities Inc., 60 Wall Street, New York, New York 10005, (212) 250-6801.
Pioneer is a large independent oil and gas exploration and production company with operations in the United States, Canada and Africa. Pioneer's headquarters are in Dallas, Texas. For more information, visit Pioneer's website at www.pxd.com.
The information in this document includes forward-looking statements that are made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements and the business prospects of the Company are subject to a number of risks and uncertainties, which may cause the Company's actual results in future periods to differ materially from the forward-looking statements. These risks and uncertainties include, among other things, volatility of oil and gas prices, government regulation or action, the costs and results of drilling and operations, the Company's ability to implement its business plans and access to and cost of capital. These and other risks are described in the Company's Annual Report on Form 10-K and Quarterly Reports on Form 10-Q that are available from the Company or the United States Securities and Exchange Commission.
CONTACT: Pioneer Natural Resources Company, Dallas Investors: Frank Hopkins, 972-444-9001 or Media and Public Affairs: Susan Spratlen, 972-444-9001 SOURCE: Pioneer Natural Resources Company
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