WPX Energy’s $500 Million Senior Notes Offering and Tender Offers


Simpson Thacher represented the underwriters, led by Citigroup Global Markets Inc., in connection with an SEC-registered offering by WPX Energy, Inc. (“WPX”) of $500 million aggregate principal amount of its 5.75% Senior Notes due 2026.

WPX used the net proceeds from the offering to fund a tender offer to purchase for cash up to $400 million aggregate principal amount of certain of its outstanding senior notes, settlement of which occurred concurrently with the completion of the notes offering, and intends to use the remaining net proceeds for general corporate purposes, including the repayment or repurchase of outstanding indebtedness.

Simpson Thacher also represented Merrill Lynch, Pierce, Fenner & Smith Incorporated and Citigroup Global Markets Inc., as dealer managers (the “Dealer Managers”), in connection with two tender offers by WPX to purchase for cash up to $900 million aggregate principal amount of certain of its outstanding senior notes.

WPX is an independent energy producer with core positions in the Permian and Williston basins. WPX also has an emerging infrastructure portfolio in the Permian Basin.

The Simpson Thacher team for the transaction included John Lobrano (Picture), Lesley Peng, Sung Bum Cho and Remy Denner (Capital Markets); Jonathan Cantor and Sarah Katz (Tax); Jennie Getsin (FINRA); Jamin Koslowe, Monisha Bhayana and Stephan Bradley (ECEB); and Tim Mulvihill (Environmental).

Involved fees earner: John Lobrano – Simpson Thacher & Bartlett; Lesley Peng – Simpson Thacher & Bartlett; Sung Bum Cho – Simpson Thacher & Bartlett; Remy Denner – Simpson Thacher & Bartlett; Jonathan Cantor – Simpson Thacher & Bartlett; Sarah Katz – Simpson Thacher & Bartlett; Jennie Getsin – Simpson Thacher & Bartlett; Timothy Mulvihill – Simpson Thacher & Bartlett; Jamin Koslowe – Simpson Thacher & Bartlett; Monisha Bhayana – Simpson Thacher & Bartlett; Stephan Bradley – Simpson Thacher & Bartlett;

Law Firms: Simpson Thacher & Bartlett;

Clients: Citigroup Global Markets Ltd; Merrill Lynch, Pierce, Fenner & Smith Incorporated;

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Author: Ambrogio Visconti