Norwegian oil and gas company Aker BP ASA priced a $1.5 billion offering, composed of $500 million of 3% senior notes due 2025 and $1 billion of 3.75% senior notes due 2030.
The 2025 notes were priced at 99.696% of the principal amount, while the 2030 notes were priced equal to 99.802% of the principal amount. Interest on the notes will be payable semi-annually, according to a Jan. 8 release.
Aker BP plans to use the proceeds to partially repay outstanding amounts under its revolver; for general corporate purposes; and to pay the initial purchasers' discount, fees and expenses related to the offering.
The offering is expected to close on Jan. 15, subject to customary closing conditions.