CNOOC Makes Massive Bond Offering


In a deal being described as its biggest international bond offering ever, and the largest dollar bond offering in all of Asia in at least the past decade, Chinese oil major CNOOCannounced Friday that it will issue $4 billion worth of dollar-denominated bonds. These include: $750 million worth of 1.125% guaranteed notes due 2016, $750 million worth of 1.750% guaranteed notes due 2018, $2 billion in 3.000% guaranteed notes due 2023, and $500 million in 4.250% guaranteed notes due 2043.

CNOOC plans to issue the bonds through its British Virgin Islands wholly owned subsidiary CNOOC Finance (2013) Limited. The company says it will use the approximately $3.9 billion in proceeds (after deduction of fees and costs) from the sale to pay off part of the $6 billion short-term credit facility it took out to pay for its purchase of Canada's Nexen.

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