Summary by Moomoo AI
Occidental Petroleum Corporation has announced the issuance of a series of senior notes totaling $5 billion, with varying interest rates and maturity dates ranging from 2027 to 2054. The senior notes are unsecured and will rank equally with all other unsecured and unsubordinated debt. The offering includes $600 million at 5.000% due 2027, $1.2 billion at 5.200% due 2029, $1 billion at 5.375% due 2032, $1.2 billion at 5.550% due 2034, and $1 billion at 6.050% due 2054. The notes were offered through a syndicate of banks, with BofA Securities, J.P. Morgan, MUFG, and SMBC Nikko acting as Joint Book-Running Managers. The proceeds from the offering are intended to finance the cash consideration for the CrownRock Acquisition, the Refinancing Transactions, and related fees and expenses. The completion of the offering is not contingent on the CrownRock Acquisition, which is expected to close subsequent to the offering.