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Occidental Petroleum to sell $1.0B of senior notes

Occidental Petroleum Corp. on Feb. 28 entered into an underwriting agreement to issue and sell $1.0 billion of its 4.20% senior notes due 2048, priced at 99.272% of the principal amount.

The transaction is expected to yield net proceeds of about $983 million which the company plans to fuse to finance the repayment of $500 million of its 1.50% senior notes due 2018 which matured Feb. 15, and for general corporate purposes.

The notes will be payable twice a year on March 15 and Sept. 15, starting Sept. 15, 2018, according to a March 2 SEC filing.

Barclays Capital Inc., J.P. Morgan Securities LLC and Wells Fargo Securities LLC are acting as representatives of the underwriters in the agreement.