Canadian Natural Resources Ltd. (TO: CNQ.TO) priced US$500 million, in principal amount, of floating rate unsecured notes due March 30, 2016, the company said March 26. The notes were sold at par with a 3-month Libor rate plus 0.375%, the company added.
Additionally, Canadian Natural Resources priced US$500 million, in principal amount, of 3.80% unsecured notes due April 15, 2024, at 99.957% per note, the company said. These notes yielded 3.805% to maturity, the company added.
The US$1 billion in net proceeds will repay credit facilities borrowings, Canadian Natural Resources said.
Merrill Lynch, Pierce, Fenner & Smith Inc., BNP Paribas Securities Corp. and J.P. Morgan Securities LLC were joint-book running managers, the company said.
Barclays Capital Inc., Citigroup Global Markets Inc. (OTC: ASBXL), BMO Capital Markets Corp., CIBC World Markets Corp., RBC Capital Markets LLC, Scotia Capital (USA) Inc., Mitsubishi UFJ Securities (USA) Inc., DNB Markets Inc., Deutsche Bank Securities Inc., Mizuho Securities USA Inc., RBS Securities Inc., SG Americas Securities LLC and SMBC Nikko Securities America Inc. were co-managers, the company added.
Calgary, Alberta-based Canadian Natural Resources Ltd. explores, develops and produces oil and natural gas in western Canada and internationally.
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