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Gold/Mining/Energy : Strictly: Drilling and oil-field services -- Ignore unavailable to you. Want to Upgrade?

To: jim_p who wrote (64025)	4/7/2000 9:35:00 AM
From: jim_p	Respond to of 95453

Not a bad rate for unsecured credit? Friday, April 7, 2000 08:25 AM DALLAS--(BUSINESS WIRE)--April 7, 2000--Pioneer Natural Resources Company ("Pioneer")(NYSE:PXD) (TSE:PXD) today announced it has sold $425 million of 10-year unsecured senior notes with a coupon rate of 9.625%. The notes are unconditionally guaranteed on an unsecured basis by Pioneer Natural Resources USA, Inc., a wholly-owned subsidiary of Pioneer. Proceeds from the offering will be applied to existing bank debt, reducing the outstanding balance to an estimated $411.5 million. Pioneer has received bank commitments, subject to customary conditions, for a new fully underwritten 5-year $600 million senior credit facility to replace its current facility. The new senior credit facility will feature standard industry terms and covenants. Pioneer's Chairman and CEO, Scott D. Sheffield, stated, "These transactions significantly enhance the Company's financial flexibility. This is an important step towards achieving our goal of returning to investment grade." Timothy L. Dove, Pioneer's CFO, added, "The note sale and new bank facility combine to extend debt maturities and increase liquidity. We remain committed to substantial debt reduction this year by applying cash flow in excess of capital expenditures and proceeds from non-core asset sales." Credit Suisse First Boston, Banc of America Securities LLC and Chase Securities Inc. arranged the senior note offering. Bank of America, N.A., Credit Suisse First Boston and The Chase Manhattan Bank have provided the bank commitments and will be arranging the senior credit facility. Pioneer is a large independent exploration and production oil and gas company in North America, with major operations in the United States, Canada, Argentina and South Africa. Pioneer's headquarters are in Dallas. Jim