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Occidental Sells $1.75 Billion of Bonds in First Issue This Year

June 19 (Bloomberg) -- Occidental Petroleum Corp., the largest onshore crude producer in the continental U.S., issued $1.75 billion of debt in its first sale this year.

The company, which also markets natural gas and chemicals, sold $500 million of 1.5 percent, 5.5-year notes to yield 80 basis points more than similar-maturity Treasuries and $1.25 billion of 2.7 percent, 10.5-year debt at a spread of 110 basis points, according to data compiled by Bloomberg. The coupons were the lowest on record for similar-maturity bonds issued by the company.

Occidental last issued bonds in August 2011, selling $1.25 billion of 1.75 percent, 5.5-year securities at a spread of 95 basis points more than benchmark bonds and $900 million of 3.125 percent, 10.5-year debentures at 105 basis points, Bloomberg data show.

Proceeds will be used for general corporate purposes, which may include debt repayments, acquisitions and stock repurchases, the Los Angeles-based company said in a filing today.

Bank of America Corp., JPMorgan Chase & Co., and Wells Fargo & Co. managed the sale, Bloomberg data show. The bonds may be rated A1 by Moody’s Investors Service, according to a person familiar with the transaction who asked not to be identified because the terms are private.

To contact the reporter on this story: Sarika Gangar in New York at

To contact the editor responsible for this story: Alan Goldstein at

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