Anadarko closes on new credit facility |
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Tue, 10 Apr 2007 23:30
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HOUSTON (AP) - Anadarko Petroleum Corp. said Tuesday it closed on a new $8 billion credit facility.The credit facility's size and initial funding amount was reduced to $8 billion, down from the full $10 billion offered by the arranging institutions, as a result of recent asset sale closings and associated continuing debt reduction, Anadarko said.The facility replaces the company's $24 billion acquisition facility, effectively extending the maturity of the remaining debt outstanding under that facility from Aug. 10, 2007, to March 31, 2008, the company said.The acquisition facility was used to finance the company's 2006 acquisitions of Kerr-McGee Corp. and Western Gas Resources Inc.Anadarko shares rose 88 cents, or 2 percent, to close at $45.35 on the New York Stock Exchange.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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Anadarko Petroleum gets $10B financing 