Fitch rates Occidental bonds BB

Fitch Ratings said it assigned a BB/RR4 rating to Occidental Petroleum Corp.'s proposed issuance of five-, eight- and 10-year senior unsecured notes, the proceeds of which will be used to repay debt.

Simultaneously, the company started a $1.5 billion cash tender for a range of near-term maturities, including its 2021 fixed- and floating-rate notes, 2022 fixed- and floating-rate notes and 2023 2.7% notes.

“Fitch expects that the combination of bond proceeds, FCF and revolver availability should be sufficient to move the company past its near-term maturities,” the agency said in a press release.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.