HOUSTON – Anadarko Petroleum Corp. (NYSE: APC) has priced its registered public offering of $2.0 billion, 6.375% Senior Notes due 2017.
After closing, expected on Aug. 12, the Woodlands, Tex.-based company has plans to use the net proceeds to repay nearly $1.3 billion in debt due December 2012 as well as for general corporate purposes including the refinancing of other near-term debt maturities.
As a result of the offering and the subsequent debt repayment, Anadarko will not enter into its previously announced $1.5 billion senior secured term loan facility.
The company’s strong liquidity position led Moody’s credit rating agency to reaffirm its “Ba1” rating of the company after the announcement.
Morgan Securities Inc., Barclays Capital Inc., Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., Goldman, Sachs & Co., Morgan Stanley & Co. Inc. and UBS Securities LLC are acting as lead book-running managers for the offering.
Source: Anadarko Petroleum Corp.