US oil company sells $ 13 billion worth of bonds

The US oil company Occidental Petroleum Corp. has decided to sell $ 13 billion of bonds to finance its acquisition of Anadarko Petroleum Corp.

According to Bloomberg, Occidental will sell the bonds to finance the takeover of $ 38 billion in 10 tranches, said a person quoted by Bloomberg. The longer term portion of bonds is 30 years and yields 2.25 percentage points above the yield of similar US Treasury securities.

In May, Anadarko confirmed that it had received a modified bid from Occidental Petroleum Corp. The shareholders of Anadarko would receive $ 59 in cash and 0.2934 shares of Occidental for each of their shares of the company. "Anadarko".

The acquisition of Anadarko is the largest in the oil and gas industry since Royal Dutch Shell bought the British group BG in 2016.

According to Moody's Investors Service, the acquisition of Anadarko will add a $ 40 billion debt to Occidental's capital structure.