HOUSTON, March 8 /PRNewswire/ -- Anadarko Petroleum Corporation
(NYSE: APC) today announced that it sold 20-year, zero coupon convertible
debentures. The debentures were priced with a zero coupon and zero yield to
maturity and a conversion premium of 38 percent and result in gross proceeds
to the company of $600 million before any exercise of a $50 million
over-allotment option.
The proceeds from the debentures will be used initially to finance costs
associated with the previously announced acquisition of Berkley Petroleum and
to pay down long term debt.
Each debenture was issued at a price of $1,000 and will not accrue
interest. Anadarko has the right to call the debentures after five years for
a price equal to the issue price. The debentures are convertible at the
option of the debenture holder into shares of Anadarko common stock at a fixed
ratio per debenture subject to adjustment. The debenture holder also has the
right to put back the debentures at par to Anadarko in March 2002, 2004, 2006,
2011 and 2016.
This news release does not constitute an offer to sell or the solicitation
of an offer to buy securities. The offering is being made only to qualified
institutional buyers. The convertible debentures and the common stock
issuable upon conversion thereof have not been registered under U.S. or state
securities laws, and may not be offered or sold in the United States absent
registration or an applicable exemption from the registration requirements.
http://www.anadarko.com
SOURCE Anadarko Petroleum Corporation
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Related links:
http://www.anadarko.com
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Company News On-Call:
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800-758-5804, ext. 038950
CONTACT:
media, Teresa Wong, 281-873-1203, or
investors, Paul Taylor, 281-874-3471, or David Larson,
281-874-3265, all of Anadarko Petroleum Corporation
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