Newfield Exploration Amends Credit Facility
Borrowing capacity increased to $1.8 billion, term extended by two years
THE WOODLANDS, Texas, March 5, 2015 /PRNewswire/ -- Newfield Exploration Company (NYSE: NFX) today announced that effective March 5, 2015, the Company has amended its five-year revolving credit facility originally entered into on June 2, 2011. The amendment has increased the available borrowing capacity under the revolving credit facility from $1.4 billion to $1.8 billion and extended the term by two years, resulting in a maturity date of June 25, 2020.
"Over the last two weeks, Newfield has taken decisive actions to financially strengthen our company," said Larry Massaro, Newfield's executive vice president and CFO. "We raised approximately $815 million of net proceeds through last week's issuance of common stock and repaid all borrowings under our revolving credit facility and money market lines of credit. Today, we issued $700 million in 5 3/8% Senior Notes due 2026 and will use the proceeds to redeem our 6 7/8% Senior Sub Notes due 2020. Coupled with the upsize and extension of our credit facility, these transactions ensure we will have ample liquidity and financial flexibility to execute our near-term strategies and deliver 'through cycle' value to our stockholders."
A total of 16 lenders participated in the Company's $1.8 billion facility. J.P. Morgan Securities LLC and Wells Fargo Securities, LLC served as joint bookrunners and joint lead arrangers.
Newfield Exploration Company is an independent energy company engaged in exploration, development and production of crude oil, natural gas and natural gas liquids. We are focused on North American resource plays and our principal areas of operation include the Mid-Continent, the Rocky Mountains and onshore Texas. The Company also has oil developments offshore China.
**This release contains forward-looking information. All information other than historical facts included in this release, is forward-looking information. Although Newfield believes that these expectations are reasonable, this information is based upon assumptions and anticipated results that are subject to numerous uncertainties and risks. Actual results may vary significantly from those anticipated due to many factors. Factors that could impact forward-looking statements are described in "Risk Factors" in Newfield's 2014 Annual Report on Form 10-K and other subsequent public filings with the Securities and Exchange Commission, which can be found at www.sec.gov. Unpredictable or unknown factors, not discussed in this press release, could also have material adverse effects on forward-looking statements. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date hereof. Unless legally required, Newfield undertakes no obligation to publicly update or revise any forward-looking statements.
For additional information, please contact Newfield's Investor Relations department.
Phone: 281-210-5321; Email: info@newfield.com
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SOURCE Newfield Exploration Company
