Pioneer Sells $450 Million of 12-Year Notes.DALLAS -- Pioneer Natural Resources Company (NYSE NYSE See: New York Stock Exchange :PXD PXD Powder X-ray Diffraction PXD Post Exercise Discussion PXD Physical Device Driver PXD Pixel Data ) today announced that it has sold $450 million of 6.875% Senior Notes that will mature May 1, 2018 (the "2018 Notes"). The price to the public for the 2018 Notes is 99.903% of the principal amount. Net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). of approximately $447 million will be used to (i) fund a tender offer for the Company's outstanding 6.50% Senior Notes due 2008, of which $350 million is currently outstanding, and (ii) for general corporate purposes. Interest is payable May 1 and November 1 of each year. The first interest payment will be made on November 1, 2006, and will consist only of interest from closing to that date. The offering is expected to close on May 1, 2006. The offering was underwritten by Deutsche Bank Securities, as sole book-running joint lead manager, and Morgan Stanley, as joint lead manager. A copy of the prospectus supplement and prospectus relating to the offering may be obtained from Deutsche Bank Securities Inc., 60 Wall Street, New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , New York 10005, (212) 250-6801. Pioneer is a large independent oil and gas exploration and production company with operations in the United States, Canada and Africa. Pioneer's headquarters are in Dallas, Texas. For more information, visit Pioneer's website at www.pxd.com. The information in this document includes forward-looking statements that are made pursuant to the Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. Provisions of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Forward-looking statements and the business prospects of the Company are subject to a number of risks and uncertainties, which may cause the Company's actual results in future periods to differ materially from the forward-looking statements. These risks and uncertainties include, among other things, volatility of oil and gas prices, government regulation or action, the costs and results of drilling and operations, the Company's ability to implement its business plans and access to and cost of capital. These and other risks are described in the Company's Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. and Quarterly Reports on Form 10-Q that are available from the Company or the United States Securities and Exchange Commission. |
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