All proceeds from the senior notes will be used to repay a portion of the US$1.5 billion in bridge financing that was put in place for our UK North Sea acquisition. The notes will be unsecured and rank equally with Nexen's other senior unsecured debt.
Nexen's senior unsecured long-term debt is rated Baa2 (negative) by Moody's Investor Service, Inc., BBB (negative) by Dominion Bond Rating Service Limited and BBB- (stable) by Standard & Poor's Corporation. The underwriting syndicate is lead managed by Deutsche Bank Securities and Citigroup.
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