Concho Resources has issued senior unsecured notes worth nearly $600 million. The notes, due to mature in 2022, will bear interest at a rate of 6.5% per annum. The sale is expected to close on May 23, 2011.
Concho may use the proceeds to pay back a portion of the outstanding balance under its credit facility. BofA Merrill Lynch, JP Morgan Securities and Wells Fargo Securities are the joint book-runners for the deal.
Click here for the release from Concho Resources.