ERHC Energy Inc (ERHE)

[magicatlast]

DALLAS--(BUSINESS WIRE)--Sept. 30, 2005--Pioneer Natural Resources Company (NYSE:PXD) today announced the closing of a $1.5 billion five-year unsecured revolving senior credit facility, replacing its existing $400 million and $700 million unsecured facilities that were scheduled to mature in September of 2005 and December of 2008, respectively. The credit facility has terms consistent with investment grade rated companies, and will be utilized to refinance Pioneer's existing credit facilities and for ongoing working capital and general corporate purposes.

A banking syndicate Co-Arranged by J.P. Morgan Securities Inc. and Wachovia Capital Markets, LLC will finance the credit facility. Other agent titled roles include JPMorgan Chase Bank, N.A. as Administrative Agent, Wachovia Bank, National Association as Syndication Agent, and Bank of America, N.A., Deutsche Bank Securities Inc. and Wells Fargo Bank, National Association as Co-Documentation Agents. The facility was significantly oversubscribed and was syndicated to 26 banks.