DENVER – QEP Resources Inc. (NYSE: QEP) has priced an underwritten public offering of $625 million of 6.875% Senior Notes due March 2021. The notes are being sold at a price of 99.074% to yield 7.00%. Net proceeds will be used to repay indebtedness under QEP Resources’ term loan and revolving credit facility.
Interest is payable March 1 and September 1 of each year. The first interest payment will be made on March 1, 2011 and will consist of interest from closing to that date. The offering is expected to close on August 16, 2010.
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 of the offering.
Source: QEP Resources