Daily News: March 6, 2015

J.P. Morgan, Wells Arrange Newfield Facility Increase

Newfield Exploration announced that effective March 5, 2015, it has amended its five-year revolving credit facility originally entered into on June 2, 2011. The amendment has increased the available borrowing capacity under the revolving credit facility from $1.4 billion to $1.8 billion and extended the term by two years, resulting in a maturity date of June 25, 2020.

A total of 16 lenders participated in the Company’s $1.8 billion facility. J.P. Morgan Securities and Wells Fargo Securities served as joint bookrunners and joint lead arrangers.

“Over the last two weeks, Newfield has taken decisive actions to financially strengthen our company,” said Larry Massaro, Newfield’s executive vice president and CFO. “We raised approximately $815 million of net proceeds through last week’s issuance of common stock and repaid all borrowings under our revolving credit facility and money market lines of credit. Today, we issued $700 million in 5 38% Senior Notes due 2026 and will use the proceeds to redeem our 6 78% Senior Sub Notes due 2020. Coupled with the upsize and extension of our credit facility, these transactions ensure we will have ample liquidity and financial flexibility to execute our near-term strategies and deliver ‘through cycle’ value to our stockholders.”

Newfield Exploration is an independent energy company engaged in exploration, development and production of crude oil, natural gas and natural gas liquids.