By Paul A. Harris
St. Louis, Aug. 12 - Newfield Exploration Co. priced an upsized $325 million issue of 10-year senior subordinated notes (expected ratings Ba3/BB-) at par late Thursday to yield 6 5/8%, according to a market source.
Price talk was 6 5/8% to 6 7/8%.
Morgan Stanley ran the books for the Rule 144A offering. Wachovia Securities, Barclays Capital, BNY Securities, Banc of America Securities, Calyon Securities, Harris Nesbitt, The Royal Bank of Scotland and SG Americas Securities were the co-managers.
The Houston-based independent crude oil and natural gas exploration and production company is also making a public offering of 4.7 million shares of common stock.
Proceeds will be used to fund a portion of the purchase price of the recently announced and pending acquisition of Inland Resources Inc.
The issue was upsized from $300 million.
| Issuer: | Newfield Exploration Co.
|
| Amount: | $325 million (increased from $300 million)
|
| Maturity: | Sept. 1, 2014
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| Security description: | Senior subordinated notes
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| Bookrunner: | Morgan Stanley
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| Coupon: | 6 5/8%
|
| Price: | Par
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| Yield: | 6 5/8%
|
| Spread: | 237 basis points
|
| Pricing date: | Aug. 12
|
| Settlement date: | Aug. 18
|
| Expected ratings: | Moody's: Ba3
|
| Standard & Poor's: BB-
|
| Price talk: | 6 5/8%-6 7/8%
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