DENVER – Independent energy company QEP Resources Inc. (NYSE: QEP) has begun a $500 million offering of senior notes due 2021. Net proceeds from the offering are expected to be used to repay senior credit facility debt.
Deutsche Bank Securities Inc., Banc of America Securities LLC, BMO Capital Markets Corp., J.P. Morgan Securities Inc., and Wells Fargo Securities, LLC are acting as joint book-running managers for the Denver-based company.
QEP Resources is a natural gas and oil exploration and production company with operations focused in the Rocky Mountain and Midcontinent regions of the US. The company also gathers and processes natural gas.
On June 30, Questar Corp. (NYSE:STR) completed the spin-off of QEP Resources at a cost of $7.1 million or $0.04 per diluted share, according to Questar's 2Q10 financial statement.
Shares of QEP were down 1.830 (-5.445%) at $31.78 August 11.
Source: QEP Resources