Plains Exploration (PXP) Will Sell $500M of Senior Debt
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Plains Exploration & Production Company (NYSE: PXP) announced today that it intends to offer, subject to market and other conditions, $500 million of Senior Notes due 2019 in an underwritten public offering. The offering will be made under PXP's shelf registration statement, which became effective immediately upon filing with the Securities and Exchange Commission on March 5, 2010.
Net proceeds from the offering are expected to be used to repay amounts outstanding under PXP's senior revolving credit facility and for general corporate purposes, including the redemption of all $76.9 million aggregate principal amount of PXP's Senior Notes due 2017 that remain outstanding.
Net proceeds from the offering are expected to be used to repay amounts outstanding under PXP's senior revolving credit facility and for general corporate purposes, including the redemption of all $76.9 million aggregate principal amount of PXP's Senior Notes due 2017 that remain outstanding.
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