Net proceeds from the sale of the notes will be used primarily to repay bank indebtedness. The securities have been rated by three rating services: Baa1 by Moody's Investors Service, Inc.; BBB+ by Standard & Poor's Corporation; and BBB (high) by Dominion Bond Rating Service Limited. Citigroup Global Markets Inc. and J.P. Morgan Securities Inc. acted as joint book running managers for the offering. RBC Capital Markets Corporation, CIBC World Markets Corp., Scotia Capital (USA) Inc., BMO Nesbitt Burns Corp., BNP Paribas Securities Corp., Banc of America Securities LLC, Deutsche Bank Securities Inc., Lazard Freres & Co. LLC, UBS Securities LLC, and Daiwa Securities America Inc. acted as co-managers.
The sale of the notes was the first issuance under the short form base shelf prospectus dated May 8, 2003 which allows for the issuance of debt securities in an aggregate principal amount of up to US$2 billion.
Canadian Natural is a senior oil and natural gas production company, with continuing operations in its core areas located in Western Canada, the U.K. portion of the North Sea and Offshore West Africa.
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