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Pioneer Natural Resources Announces $1.15B Convertible Senior Notes Offering and Cash Tender Offers

Vinson & Elkins advised Pioneer Natural Resources Company (Pioneer) in connection with its offering of $1.15 billion aggregate principal amount of 0.250% convertible senior notes due 2025 in a private placement to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933. The offering priced on May 11, 2020 and is expected to close on May 14, 2020.

V&E is also advising Pioneer in connection with cash tender offers to purchase up to $500 million aggregate principal amount of its outstanding 3.45% senior notes due 2021, 3.95% senior notes due 2022 and 7.20% senior notes due 2028.

The V&E corporate team was led by partners Robert Kimball, Shelley Barber and David Stone, with assistance from associates Joanna Enns, Lucy Liu, Ted Belden and Luke Strieber. Advising on tax matters were partners Jim Meyer and Wendy Salinas and associate David Gilbert.

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