DALLAS -- (Business Wire)
Pioneer Natural Resources Company (NYSE:PXD) (“Pioneer”) has
notified holders of its 2.875% Convertible Senior Notes due 2038 (the
“Notes”) that they have an option, pursuant to the terms of the Notes,
to require Pioneer to purchase, on January 15, 2013, all or a portion of
the holders’ Notes (the “Put Option”) at a price equal to 100% of the
principal amount of the Notes (the “Repurchase Price”). If all
outstanding Notes are surrendered for purchase, the aggregate repurchase
price will be $479.9 million. Pioneer will pay any accrued and unpaid
interest on any Notes validly surrendered pursuant to the Put Option and
not withdrawn to, but excluding, January 15, 2013 to record holders of
the Notes on January 1, 2013.
The opportunity to exercise the Put Option will commence at 9:00 a.m.,
New York City time, on December 14, 2012 and will terminate at 5:00 p.m.
New York City time, on January 14, 2013. Holders may withdraw any
previously tendered Notes pursuant to the terms of the Put Option at any
time before 5:00 p.m., New York City time, on January 14, 2013. None of
Pioneer, its board of directors or its employees has made or is making
any representation or recommendation to any holder of the Notes as to
whether to exercise or refrain from exercising the Put Option.
As required by rules of the Securities and Exchange Commission, Pioneer
will file a Tender Offer Statement on Schedule TO later today. In
addition, Pioneer’s notice to holders (a copy of which will be attached
as an exhibit to the Schedule TO) with respect to the Put Option
specifying the terms, conditions and procedures for exercising the Put
Option will be available through The Depository Trust Company and the
paying agent, which is Wells Fargo Bank, National Association. The
address of the paying agent is 6th & Marquette Avenue,
Minneapolis, MN, 55479, and its telephone number is (800) 344-5128 and
fax number is (612) 667-6282.
This press release is for informational purposes only and is not an
offer to purchase, or the solicitation of an offer to purchase, the
Pioneer is a large independent oil and gas exploration and production
company, headquartered in Dallas, Texas, with operations primarily in
the United States. For more information, visit Pioneer's website at www.pxd.com.
Pioneer Natural Resources
Eric Pregler, 972-969-5756
and Public Affairs:
Susan Spratlen, 972-969-4018
Source: Pioneer Natural Resources Company
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