As it transitions to a pure-play oil and gas exploration and production company, Kerr-McGee Corp., Oklahoma City, (NYSE: KMG) has closed the initial public offering of its chemical business, Tronox Inc. (NYSE: TRX). The company has also high-graded its portfolio of oil and gas assets through the sales of its North Sea assets and select U.S. onshore properties. Kerr-McGee used the net proceeds from the IPO, concurrent debt issuances by Tronox and various asset sales to pay off the $4.25 billion term loans that were issued in connection with the company's modified Dutch auction tender offer completed in May 2005.
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