Pioneer Natural Resources plans $750 million notes due 2023; price talk 65 bps area over Treasuries

By Rebecca Melvin and Cristal Cody

Concord, N.H., May 10 – Pioneer Natural Resources Co. is offering $750 million of senior notes due May 15, 2023, according to a 424B5 filed with the Securities and Exchange Commission.

The notes are talked to yield in the 65 basis points area over Treasuries, according to a market source.

The notes have a make-whole call and then a par call.

The joint bookrunning managers of the offering are Goldman Sachs & Co. LLC, Morgan Stanley & Co. LLC, TD Securities (USA) LLC and Wells Fargo Securities LLC.

The proceeds are intended to be used to fund the redemption of the $650 million of 7.75% senior notes due 2025 of DoublePoint Energy, LLC, which Pioneer Natural is acquiring, and for general corporate purposes.

Pioneer Natural Resources is a Dallas-based oil and gas exploration and production company.

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