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Occidental completes offer to exchange $11.5B of Anadarko notes

Occidental Petroleum Corp. closed its offer to exchange senior notes and debentures issued by Anadarko Petroleum Corp. for new Occidental notes, accepting for exchange nearly $11.5 billion in valid tenders.

Occidental exchanged 21 of 23 sets of senior notes and debentures issued by Anadarko, Anadarko Holding Co., Anadarko Finance Co. and Kerr-McGee Corp., according to a Sept. 19 SEC filing. Occidental did not accept Anadarko-issued 7.250% debentures due 2025 and 7.250% debentures due 2096.

Upon settlement of the exchange offers, $402.4 million of the old notes remain outstanding and held by persons other than Occidental.

Anadarko was acquired by fellow oil and gas producer Occidental after the company's shareholders voted to approve its $57 million acquisition in August.