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.