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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