Bloomberg: Cnooc to Seek $5B Of Offshore Debt for Nexen Deal



Cnooc Ltd. is seeking approximately $5 billion in offshore financing from foreign banks to fund its acquisition of Canada's Nexen Inc., Bloomberg news reported Tuesday on its website, citing two unnamed people familiar with the matter.

Cnooc is considering a bridge loan as well as longer-term financing of three or five years, the people said in the report.

"We intend to fund the purchase price from existing cash resources and external financing," a Beijing-based Cnooc spokesman said via email yesterday, the report said.

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