Pioneer Natural Resources Plans Full Redemption of Convertible Notes

By Bobby Samwell • Sunday, May 12 11:04 • Permanent Link

Pioneer Natural Resources Company has announced a full redemption notice for its 0.250% Convertible Senior Notes due 2025. The company has elected to call for redemption all outstanding notes and has designated June 25, 2024, as the redemption date.

The redemption price for each note called for redemption is an amount in cash equal to 100% of the principal amount of the note plus accrued and unpaid interest on the note to, but excluding, the redemption date. This equates to a redemption price of $1,000.28 per $1,000 principal amount of any note called for redemption.

As of the date of the redemption notice, the conversion rate of the notes is 25.4503 shares of Parent Common Stock per $1,000 principal amount of notes, which is equivalent to a conversion price of approximately $39.29 per share of Parent Common Stock. The settlement method that will apply to all conversions of notes with a conversion date that occurs on or after the date of the redemption notice will be cash settlement.

Holders of the notes can inquire about the redemption by contacting the paying agent at 1-800-344-5128 or by email. They must refer to the CUSIP number when making inquiries. Additionally, holders are reminded that to timely elect to convert any notes called for redemption, such notes must be submitted for conversion in compliance with the applicable rules and procedures of DTC no later than 5:00 p.m. (New York City time) on June 21, 2024.

Furthermore, holders have a duty to provide a properly completed and duly executed IRS Form W-9 or version of IRS Form W-8, as applicable, pursuant to U.S. federal tax laws. Failure to timely provide valid tax certification forms as required will result in the maximum amount of U.S. withholding tax being deducted from any redemption payment that is made to the holder.

This redemption notice has been provided by Computershare Trust Company, N.A., as Trustee. Following these announcements, the company's shares moved -0.4%, and are now trading at a price of $117.96. If you want to know more, read the company's complete 8-K report here.

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