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Marathon Oil to redeem $600M of senior notes

Marathon Oil Corp. is redeeming $600 million of its 2.7% senior notes due 2020 on Oct. 3, according to a Sept. 3 news release.

Separately, the oil producer said it will convert and remarket $600 million of sub-series A bonds, which are part of the $1 billion of revenue refunding bonds due 2037 issued by St. John the Baptist Parish, La., in December 2017. The company will still own the remaining $400 million of the revenue refunding bonds, with an option to convert and remarket them to investors until the maturity date, according to a Sept. 4 release.

Marathon Oil expects to close the remarketing of the sub-series A bonds on or about Oct. 1. Proceeds from the transaction will be used to pay the purchase price of the converted revenue refunding bonds owned by the producer on the closing date.

J.P. Morgan Securities LLC will serve as lead remarketing agent for the offering.

Marathon Oil's operations focus on the Eagle Ford Shale in Texas, Permian Basin in New Mexico, STACK and SCOOP plays in Oklahoma, and Bakken Shale in North Dakota.