Anadarko Closes $8B Credit Facility
Anadarko Petroleum Corp. on Tuesday announced that closing and funding of its previously announced new credit facility. Due to recent asset sale closings and associated continuing debt reduction, the facility size and initial funding amount was reduced to $8 billion rather than the full $10 billion offered by the arranging institutions.
The facility replaces the company's $24 billion acquisition facility, effectively extending the maturity of the remaining debt outstanding under that facility from August 10, 2007 to March 31, 2008. The acquisition facility was used to finance the 2006 acquisitions of Kerr-McGee Corporation and Western Gas Resources, Inc. As part of its portfolio optimization activity, the company has been using proceeds from asset sales to reduce the initial $22.5 billion of borrowings under the original facility.
UBS Investment Bank, Credit Suisse and City, the arrangers of the original acquisition facility, were also the arrangers for the new $8 billion credit facility.
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