By Andrea Heisinger
New York, March 2 - Anadarko Petroleum Corp. sold $1.1 billion of senior notes (Baa3/BBB-) in two tranches Monday, a market source said.
The $500 million of 7.625% five-year notes priced at 99.7 to yield 7.697%, or Treasuries plus 587.5 basis points.
The $600 million of 8.7% 10-year notes yielded 8.747%, or Treasuries plus 587.5 bps.
Active bookrunners were J.P. Morgan Securities Inc. and UBS Investment Bank, with Credit Suisse Securities as a passive bookrunner.
Proceeds will be used for general corporate purposes, which may include repayment of debt maturing in 2009.
The oil and gas exploration and production company is based in The Woodlands, Texas.
| Issuer: | Anadarko Petroleum Corp.
|
| Issue: | Senior notes
|
| Total amount: | $1.1 billion
|
| Bookrunners: | J.P. Morgan Securities Inc., UBS Investment Bank (active), Credit Suisse Securities (passive)
|
| Trade date: | March 2
|
| Settlement date: | March 5
|
| Ratings: | Moody's: Baa3
|
| Standard & Poor's: BBB-
|
|
|
| Five-year notes
|
| Amount: | $500 million
|
| Maturity: | March 15, 2014
|
| Coupon: | 7.625%
|
| Price: | 99.7
|
| Yield: | 7.697%
|
| Spread: | Treasuries plus 587.5 bps
|
| Call: | Make-whole at Treasuries plus 50 bps
|
|
|
| 10-year notes
|
| Amount: | $600 million
|
| Maturity: | March 15, 2019
|
| Coupon: | 8.7%
|
| Yield: | 8.747%
|
| Spread: | Treasuries plus 587.5 bps
|
| Call: | Make-whole at Treasuries plus 50 bps
|
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