Oil production company Anadarko Petroleum (APC) has put out two cash tender offers for the buyback of as much as $1 billion in outstanding debt, the company reported on Tuesday.
The company’s initial offer is for the buyback of all issued senior notes that carry a 6.750% rate. Those notes are due May 2011, and the offer will expire March 15.
Under the terms of the second offer, Anadarko will purchase the 6.875% notes, the 6.125% notes, and the 5% notes, due September 2011, March 2012 and October 2012, respectively. The offer is scheduled to expire April 6.
