Concho Resources intends to launch a public offering of senior notes due 2028 and 2048 that will result in proceeds of ~$1.654 billion.
Following the closing of the Company's acquisition of RSP Permian Inc. through an all-stock transaction, Concho intends to use the net proceeds from this offering to redeem, as previously announced, RSP's 6.625% senior notes due 2022 and 5.25% senior notes due 2025 for approximately $1.2 billion and to repay a portion of the outstanding indebtedness under RSP's existing credit facility, under which RSP had outstanding borrowings of $445 million as of March 31, 2018.
BofA Merrill Lynch, J.P. Morgan and Wells Fargo Securities will act as joint bookrunning managers for the senior unsecured notes offering.
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