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Pioneer Natural Resources Announces Public Offering of Senior Notes

Vinson & Elkins advised Pioneer Natural Resources Company (Pioneer) in connection with its underwritten offering of $2.5 billion aggregate principal amount of its investment grade senior notes, consisting of $750 million of 0.750% Senior Notes due 2024, $750 million of 1.125% Senior Notes due 2026, and $1.0 billion of 2.150% Senior Notes due 2031.

The offering priced on January 14, 2021, and is expected to close on January 29, 2021.

V&E is also advising Pioneer in connection with redemptions of $1.6 billion principal amount of three series of high-yield notes issued by subsidiaries of Parsley Energy, Inc., as well as cash tender offers to purchase any or all of $1.1 billion principal amount of two series of high-yield notes issued by subsidiaries of Parsley Energy, Inc. Pioneer completed its acquisition of Parsley Energy, Inc. on January 12, 2021. The redemptions and tender offers are also expected to close on January 29, 2021.

The V&E corporate team was led by partners Robert Kimball and David Stone, with assistance from associates Cameron Land, Daryne Foote and Luke Strieber. Advising on tax matters were partners Jim Meyer and Wendy Salinas and associate David Gilbert.

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