Kerr-McGee repays $750 million of term loan X debt

By Sara Rosenberg

New York, Nov. 9 - Kerr-McGee Corp. repaid a total of $750 million in term loan X debt between September and November, according to a 10-Q filed with the Securities and Exchange Commission Wednesday.

Of the total amount, $615 million was required payments from asset sale proceeds and $135 million was optional prepayments. The September repayment was $600 million and the November repayment was $150 million.

In addition, Kerr-McGee plans to reduce debt by $3.8 billion in the fourth quarter using asset sale proceeds. The company expects to receive net cash proceeds of $4.4 billion from the separation of its chemical business unit and sales of selected oil and gas properties and other assets.

Kerr-McGee is an Oklahoma City-based energy and inorganic chemical company.

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