Kerr-McGee completes $1.25 billion revolver, terminates $5.5 billion facility, bonds unsecured

New York, Jan. 9 - Kerr-McGee Corp. said it completed a new $1.25 billion unsecured revolving credit facility and terminated its old $5.5 billion secured credit facility.

Ending the old facility and releasing the collateral result in the company's $2.6 billion of public bonds becoming unsecured.

The new revolver has a five-year maturity and an initial interest rate of Libor plus 125 basis points.

It can be used for working capital and general corporate purposes,

The previous facility, now terminated, consisted of a $1.25 billion revolver along with $4.25 billion of term loans that had previously been repaid.

Kerr-McGee is an Oklahoma City-based oil and natural gas exploration and production company.

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