Published on 5/12/2009 in the Prospect News Investment Grade Daily.
New Issue: Occidental Petroleum sells upsized $750 million 4.125% seven-year notes at Treasuries plus 160 bps
By Andrea Heisinger
New York, May 12 - Occidental Petroleum Corp. priced an upsized $750 million of 4.125% seven-year notes Tuesday at Treasuries plus 160 basis points, an informed source said.
The sale was originally at $600 million.
The notes (A2/A/A) priced at 99.292 to yield 4.242%. There is a make-whole call at Treasuries plus 25 bps.
Bookrunners were Barclays Capital, Citigroup Global Markets, J.P. Morgan Securities and UBS Investment Bank.
Co-managers were Banc of America Securities, Mitsubishi UFJ Securities, RBS Securities, Wachovia Capital Markets, BBVA Securities, BNP Paribas Securities, BNY Mellon Capital Markets, Credit Suisse Securities, ING Financial Markets, Mizuho Securities, Scotia Capital, SG Americas Securities, Standard Chartered Bank and Williams Capital Group.
Proceeds will be used for general corporate purposes.
The oil, gas and chemical company is based in Los Angeles.
| Issuer: | Occidental Petroleum Corp.
|
| Issue: | Notes
|
| Amount: | $750 million, increased from $600 million
|
| Maturity: | June 1, 2016
|
| Bookrunners: | Barclays Capital, Citigroup Global Markets, J.P. Morgan Securities, UBS Investment Bank
|
| Co-managers: | Banc of America Securities, Mitsubishi UFJ Securities, RBS Securities, Wachovia Capital Markets, BBVA Securities, BNP Paribas Securities, BNY Mellon Capital Markets, Credit Suisse Securities, ING Financial Markets, Mizuho Securities, Scotia Capital, SG Americas Securities, Standard Chartered Bank, Williams Capital Group
|
| Coupon: | 4.125%
|
| Price: | 99.292
|
| Yield: | 4.242%
|
| Spread: | Treasuries plus 160 bps
|
| Call: | Make-whole at Treasuries plus 25 bps
|
| Trade date: | May 12
|
| Settlement date: | May 15
|
| Ratings: | Moody's: A2
|
| Standard & Poor's: A
|
| Fitch: A
|
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