Petro-Canada has agreed to sell to a syndicate of underwriters in the United States $600 million US of 6.05% 10-year Notes due May 15, 2018 and $900 million US of 6.80% 30-year Notes due May 15, 2038.
It is intended that the net proceeds of this offering will be used to repay short-term notes payable and indebtedness outstanding under our syndicated credit facilities. The balance will be added to our working capital. Citi, Deutsche Bank Securities Inc. and HSBC Securities (USA) Inc. are acting as joint book running managers for the offering. The offering is expected to close on May 15, 2008.
The debt securities are expected to be assigned a rating of BBB (stable) by Standard & Poor's Ratings Services, Baa2 (stable) by Moody's Investors Service and A (low)/(stable) by DBRS Limited.
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