Pioneer Natural Resources’ Amended, Extended and Upsized $2 Billion Credit Facility


Bracewell LLP advised Pioneer Natural Resources on the deal.

Pioneer Natural Resources acted as borrower in an amended revolving credit facility with Wells Fargo Bank, NA as administrative agent and lead arranger. Among other things, the financing increases the facility size to $2 billion in connection with Pioneer’s acquisition of Parsley Energy, Inc., and extends the maturity to January 2026.

The facility is the first post-COVID syndicated facility in the energy space with a five-year term.

Pioneer is an independent oil and gas exploration and production company. The company engages in onshore oil and gas drilling, exploration and production in the United States.

The Bracewell team included Heather L. Brown (Picture), Robin J. Miles and Kenni E. Callahan.

Involved fees earner: Heather Brown – Bracewell; Kenni Callahan – Bracewell; Robin Miles – Bracewell;

Law Firms: Bracewell;

Clients: Pioneer Natural Resources Company;

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Author: Ambrogio Visconti