Substantially all of the net proceeds from the offering of the senior notes will be used to repay outstanding bank debt, with the remainder to be used for general corporate purposes. The notes will be unsecured and rank equally with Nexen's other senior unsecured debt. The underwriting syndicate is lead managed by Banc of America Securities LLC, Citigroup Global Markets Inc. and Deutsche Bank Securities Inc.
The notes will be issued under Nexen's shelf prospectus dated May 31, 2005.
Nexen Inc. is an independent, Canadian-based global energy company, listed on the Toronto and New York stock exchanges under the symbol NXY. We are uniquely positioned for growth in the North Sea, deep-water Gulf of Mexico, the Athabasca oil sands of Alberta, the Middle East and offshore West Africa. We add value for shareholders through successful full-cycle oil and gas exploration and development and leadership in ethics, integrity and environmental protection.
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