CNOOC Ltd (CEO) announced the pricing of offering of $4 billion of guaranteed notes. The company said that the offering consists of $750 million of 1.125% guaranteed notes due 2016, $750 million of 1.750% guaranteed notes due 2018, $2,000 million of 3.000% guaranteed notes due 2023 and $500 million of 4.250% guaranteed notes due 2043.
The Notes will be issued by CNOOC Finance (2013) Limited, a wholly owned subsidiary of the Company incorporated in the British Virgin Islands, and will be guaranteed by the company.
The company expects offering net proceeds to be approximately $3.942 billion.
CNOOC intends to use offering proceeds mainly to repay part of a $6.0 billion short-term credit facility that was entered into for the purpose of financing the Company's recent acquisition of Nexen Inc.
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