CNOOC Ltd offers $4bn bonds

CNOOC, China24 April 2014, News Wires – The overseas arm of state-run China National Offshore Oil Corporation (CNOOC) is offering $4 billion worth of bonds to help repay loans related to its takeover of Canada’s Nexen last year.

CNOOC Ltd revealed it planned to sell $1.25 billion three-year notes, $2.25 billion 10-year notes and $500 million 30-year notes.

It said it would use the net proceeds from the offering to repay all or part of the $2 billion facility it entered into to repay part the bridge loan that financed the company’s $15.1 billion acquisition of Nexen

Any remaining funds will be used for general corporate purposes.

BOCI Asia, Citigroup Global Markets, Credit Suisse Securities, Deutsche Bank, Singapore Branch, Goldman Sachs, JP Morgan Securities, Morgan Stanley & Company International and UBS, Hong Kong Branch are the joint lead managers and joint bookrunners for the offering.


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