Summary
EOG Resources, Inc. (EOG) announced the successful completion of an underwritten public offering of $1,000,000,000 in aggregate principal amount of senior notes. This issuance comprises $750,000,000 of 4.400% Senior Notes due 2031 and $250,000,000 of 5.950% Senior Notes due 2055. The net proceeds from this offering are intended to be used, in part, to repay or redeem EOG's 4.15% Senior Notes due 2026. The company has structured the new 2055 notes to be fungible with previously issued 2055 notes, meaning they will share the same interest rate and terms and trade under the same CUSIP number. This offering was made under an existing shelf registration statement and was facilitated by a syndicate of prominent underwriters, including J.P. Morgan Securities LLC, BofA Securities, Inc., and others. The notes are senior, unsecured obligations of EOG.
Key Highlights
- 1Completed a $1 billion public offering of senior unsecured notes.
- 2Issued $750 million of 4.400% Senior Notes due 2031.
- 3Issued $250 million of 5.950% Senior Notes due 2055, which are fungible with existing 2055 notes.
- 4Intends to use a portion of the proceeds to repay or redeem 4.15% Senior Notes due 2026.
- 5Offering was conducted under an existing Form S-3 shelf registration statement.
- 6Notes rank equally with other unsecured and unsubordinated indebtedness of EOG.
- 7New notes are effectively subordinated to secured debt and structurally subordinated to subsidiary debt.