Cimarex Energy (XEC)
Posted: Tue Apr 04, 2017 9:13 am
Cimarex may have the strongest balance sheet within the Sweet 16, which is why they can sell notes at this low interest rate.
DENVER, April 3, 2017 /PRNewswire/ -- Cimarex Energy Co. (XEC) ("Cimarex") announced today that it has priced an offering of $750 million aggregate principal amount of senior unsecured notes due 2027, which will carry an interest rate of 3.90%. The notes were sold to the public at 99.748% for a yield to maturity of 3.93%. Cimarex intends to use the net proceeds from the offering, together with cash on hand, to fund the purchase price and accrued and unpaid interest payable with respect to all notes validly tendered and accepted for payment pursuant to the separately announced tender offer for any or all of the outstanding $750 million aggregate principal amount of Cimarex's 5.875% Senior Notes due 2022 (the "2022 Notes") and the redemption of any 2022 Notes that remain outstanding after completion or termination of the tender offer.
Interest is payable May 15 and November 15 of each year. The first interest payment will be made November 15, 2017, and interest will accrue from April 10, 2017. The offering is expected to close on April 10, 2017, subject to the satisfaction of customary closing conditions.
DENVER, April 3, 2017 /PRNewswire/ -- Cimarex Energy Co. (XEC) ("Cimarex") announced today that it has priced an offering of $750 million aggregate principal amount of senior unsecured notes due 2027, which will carry an interest rate of 3.90%. The notes were sold to the public at 99.748% for a yield to maturity of 3.93%. Cimarex intends to use the net proceeds from the offering, together with cash on hand, to fund the purchase price and accrued and unpaid interest payable with respect to all notes validly tendered and accepted for payment pursuant to the separately announced tender offer for any or all of the outstanding $750 million aggregate principal amount of Cimarex's 5.875% Senior Notes due 2022 (the "2022 Notes") and the redemption of any 2022 Notes that remain outstanding after completion or termination of the tender offer.
Interest is payable May 15 and November 15 of each year. The first interest payment will be made November 15, 2017, and interest will accrue from April 10, 2017. The offering is expected to close on April 10, 2017, subject to the satisfaction of customary closing conditions.