Anadarko Petroleum gets $10B financing |
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Wed, 21 Mar 2007 01:12
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HOUSTON (AP) - Oil and gas company Anadarko Petroleum Corp. said Tuesday it will enter into a new 364-day, $10 billion facility that replaces its existing $24 billion acquisition facility.The company said it used the original acquisition facility to finance its 2006 purchases of Kerr-McGee Corp. and Western Gas Resources Inc. Anadarko Petroleum said it has been using asset sale proceeds to reduce the initial $22.5 billion of borrowings under the original facility.Chief Financial Officer Al Walker said in a statement his company still expects to cut its total debt outstanding by the end of the year to $12 billion or less.UBS Investment Bank, Credit Suisse and Citigroup, the arrangers under the original facility, have provided firm commitments to Anadarko to underwrite the entire new $10 billion facility, which will expire in April 2008.Anadarko Petroleum slipped 13 cents to close at $40.35 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 This material may not be published, broadcast, rewritten, or redistributed.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 sells oil field for $1.3B 