El Paso Corporation announced plans to issue $500 million of its unsecured senior notes in a public offering. The notes are being offered under El Paso's shelf registration statement.
El Paso plans to use the net proceeds from the sale of the notes for general corporate purposes, including the repayment of debt maturing during the remainder of 2008. Pending the use of the proceeds for other purposes, El Paso intends to apply the net proceeds to reduce outstanding borrowings under El Paso's revolving credit facility and under the revolving credit facility of El Paso's subsidiary, El Paso Exploration & Production Company.
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