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Anadarko says holders exercise put on $620 million convertibles
New York, March 25 - Anadarko Petroleum Corp. said holders exercised the put option on $620 million of its convertibles.
The Houston, Texas exploration and production company said in a filing with the Securities and Exchange Commission Monday that it paid the put in cash.
Anadarko originally sold $650 million of the zero yield putable contingent debt securities (ZYP-CODES) in March 2001.
The securities were putable at par on March 13, 2002.
Anadarko said it financed the put with the issuance of $650 million of 5 3/8% notes due March 2007 in February and $400 million of 6 1/8% notes due March 2012 this month. Remaining proceeds were used to pay down floating-rate debt, according to the SEC filing.
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