Summary
EOG Resources, Inc. (EOG) announced on September 25, 2008, its entry into a material definitive agreement for the issuance of new debt. The company has entered into an underwriting agreement to sell an aggregate principal amount of $750 million in senior notes. Specifically, $400 million of 6.125% Senior Notes due 2013 and $350 million of 6.875% Senior Notes due 2018 will be offered to the public. This debt issuance is expected to close on September 30, 2008, and is being conducted under EOG's shelf registration statement. The underwriting agreement includes standard provisions for representations, warranties, indemnification, and contributions between EOG and the underwriters, which include J.P. Morgan Securities Inc., Banc of America Securities LLC, and Citigroup Global Markets Inc. This move indicates EOG's strategy to raise capital through the debt markets.
Key Highlights
- 1EOG Resources entered into an underwriting agreement for a debt offering.
- 2The company plans to issue $750 million in aggregate principal amount of senior notes.
- 3The debt offering includes $400 million of 6.125% Senior Notes due 2013.
- 4The debt offering also includes $350 million of 6.875% Senior Notes due 2018.
- 5The offering is expected to close on September 30, 2008.
- 6The issuance is being conducted under EOG's shelf registration statement.
- 7Key underwriters include J.P. Morgan Securities Inc., Banc of America Securities LLC, and Citigroup Global Markets Inc.