Exxon Mobil's XTO Launches $3.83B Debt-Tender Offer

Exxon Mobils XTO Launches $3.83B Debt-Tender Offer
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Πεμ, 9 Δεκεμβρίου 2010 - 18:33
Exxon Mobil Corp.'s (XOM) XTO unit launched another debt-tender offer, this one for $3.83 billion of securities, as Exxon continues its effort to erase its recent acquisition's borrowings.
Exxon Mobil Corp.'s (XOM) XTO unit launched another debt-tender offer, this one for $3.83 billion of securities, as Exxon continues its effort to erase its recent acquisition's borrowings.

Two prior debt tenders on a combined $5.2 billion of borrowings have already taken place this year, and nearly $3.3 billion of it was repurchased.

The latest round includes nine XTO note series that mature between 2012 and 2016. The price to be paid will be based on where U.S. Treasurys are trading at
2 p.m. EST Dec. 16.

A host of corporate borrowers have been buying back debt as corporate cash positions have grown and many are able to lower borrowing costs by refinancing at historically low rates. But they have begun rising in recent weeks.

Exxon acquired XTO in June as the oil giant led a rush by international rivals to tap
U.S. shale-gas resources for future growth. Its shares closed at $71.85 Wednesday.

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