WPX Energy’s 6.25% mandatory convertible preferreds admitted to NYSE

By Stephanie N. Rotondo

Phoenix, July 30 – WPX Energy Inc.’s $350 million of 6.25% mandatory convertible preferred shares began trading on the New York Stock Exchange on Thursday.

The ticker symbol is “WPXP.” The deal priced July 17.

Joint bookrunning managers of the mandatory offering were Barclays, Citigroup Global Markets Inc., J.P. Morgan Securities LLC, BofA Merrill Lynch, Wells Fargo Securities, LLC and BNP Paribas Securities Corp.

BBVA Securities Inc. was a joint lead manager.

The issue is mandatorily convertible on July 31, 2018.

Proceeds from the offering, cash on hand and borrowings under its revolving credit facility will be used to finance the company’s acquisition of RKI Exploration and Production LLC.

The mandatories are redeemable if the acquisition is not completed by Nov. 30.

Tulsa, Okla.-based WPX is a natural gas and oil exploration and production company.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.