On Friday, Shares of WPX Energy, Inc. (NYSE:WPX), lost -6.09% to $9.71, hitting its lowest level.
WPX Energy, declared that it has priced its formerly declared offering of $500 million aggregate principal amount of 7.50% senior unsecured notes due 2020 and $500 million aggregate principal amount of 8.25% senior unsecured notes due 2023. The notes were sold to the public at par. The offering is predictable to close on July 22, 2015, subject to customary closing conditions.
The net proceeds from the offering will be about $987.5 million, after deducting underwriting discounts and commissions and before estimated offering expenses payable by WPX Energy. WPX Energy intends to use the net proceeds from the offering, together with the proceeds from the concurrent offerings of its common stock and 6.25% series A mandatory convertible preferred stock, cash on hand and borrowings under its revolving credit facility, to finance the acquisition of RKI Exploration & Production, LLC (“RKI”) and to pay related fees and expenses. The notes will be subject to a special mandatory redemption if the RKI acquisition is not consummated.
Barclays Capital Inc., Citigroup Global Markets Inc., J.P. Morgan Securities LLC, BofA Merrill Lynch, Wells Fargo Securities, LLC, Credit Agricole Securities (USA) Inc. and Scotia Capital (USA) Inc. are acting as joint book-running managers for the offering.
WPX Energy, Inc., an independent natural gas and oil exploration and production company, engages in the exploitation and development of unconventional properties in the United States.
Shares of Linn Energy, LLC (NASDAQ:LINE), declined -5.43% to $6.96, during its last trading session, hitting its lowest level.
On July 6, LINN Energy, LLC and LinnCo, LLC (LNCO) declared that LINN has signed a definitive agreement to sell its remaining position in Howard County in the Permian Basin for a contract price of $281 million. The transaction is predictable to close in the third quarter 2015 with an effective date of May 1, 2015.
The properties sold comprise about 6,400 net acres prospective for horizontal Wolfcamp drilling and about 2.0 MBoe/d of current production from 133 gross wells.
The transaction is subject to satisfactory completion of title and environmental due diligence, in addition to the satisfaction of closing conditions.
Linn Energy, LLC, an independent oil and natural gas company, acquires and develops oil and natural gas properties in the Unites States. Its properties are located in the Rockies, the Hugoton Basin, California, east Texas and north Louisiana, the Mid-Continent, the Permian Basin, Michigan/Illinois, and south Texas.
Finally, Eli Lilly and Company (NYSE:LLY), ended its last trade with 0.23% gain, and closed at $87.37.
INDIANAPOLIS, July 9, 2015 /PRNewswire/ — The U.S. Food and Drug Administration’s (FDA) Oncologic Drugs Advisory Committee (ODAC) met recently to talk about the data supporting Eli Lilly and Company’s (LLY) necitumumab in combination with gemcitabine and cisplatin for use in first-line treatment of patients with advanced squamous non-small cell lung cancer (NSCLC).
Squamous NSCLC is a devastating and difficult-to-treat form of lung cancer. The five-year survival rate for patients with metastatic disease is less than five percent. Necitumumab in combination with gemcitabine and cisplatin is the first regimen to show a noteworthy improvement in overall survival over chemotherapy alone, specifically in the first-line setting.
The FDA is predictable to make a decision on Lilly’s biologics license application for necitumumab later this year.
Eli Lilly and Company discovers, develops, manufactures, and sells pharmaceutical products worldwide. It operates in two segments, Human Pharmaceutical Products and Animal Health products.
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