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Article: PXP Announces Pricing of $400 Million of Senior Notes.
- Article from:
- PR Newswire
- Article date:
- September 8, 2009
CopyrightCOPYRIGHT 2009 PR Newswire Association LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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HOUSTON, Sept. 8 /PRNewswire-FirstCall/ -- Plains Exploration & Production Company today announced that it has sold $400 million of 8.625% Senior Notes that will mature October 15, 2019. The notes were sold to the public at 98.335% of the face value to yield 8.875% to maturity. Net proceeds will be used for general corporate purposes, including to fund a portion of the payment of the remaining drilling carry under PXP's agreement with Chesapeake Energy Corporation.
Interest is payable April 15 and October 15 of each year. The first interest payment will be made on April 15, 2010, and will consist of interest from closing to that date. The offering is expected to ...