Occidental Petroleum talks notes in three parts for Monday pricing

By Aleesia Forni

New York, March 28 – Occidental Petroleum Corp. is planning to sell a benchmark offering of senior notes (A3/A/A) in three tranches on Monday, according to a market source and a 424B5 filed with the Securities and Exchange Commission.

The offering includes six-year notes talked in the 145 basis points area over Treasuries, 10-year notes talked in the Treasuries plus 180 bps area and a 30-year tranche talked in the area of Treasuries plus 205 bps.

BofA Merrill Lynch, Citigroup Global Markets Inc., J.P. Morgan Securities LLC and Wells Fargo Securities LLC are the bookrunners.

Proceeds will be used to refinance the company’s $750 million of 4.125% notes due June 2016 and $1.25 billion of 1.75% notes due February 2017 and for general corporate purposes.

The oil and gas, chemical and midstream company is based in Los Angeles.

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