Occidental Petroleum Sells $2 Billion in Debut Junk Bond Deal
- Company sold three-part offering at 8% to 8.875% yields
- Firm seeks to tame its balance sheet after buying Anadarko
Photographer: Trevor Snapp/Bloomberg
This article is for subscribers only.
Occidental Petroleum Corp. sold $2 billion of high-yield bonds Friday to help push out its steep maturity wall.
The company issued unsecured bonds in three parts, including a $500 million five-year bond with a yield of 8%. It also priced a $500 million seven-year note at a yield of 8.5%, and a $1 billion 10-year bond with a yield of 8.875%, according to data complied by Bloomberg.