Nexen Inc. (TSXV, NYSE: NXY) has exercised its right to redeem all of its outstanding US $460 million aggregate principal amount of 7.35% subordinated notes due 2043, in accordance with the terms of the indenture.
The redemption will be made for a cash amount equal to US $1,000 per US $1,000 principal amount of subordinated notes, plus accrued and unpaid interest up to, but excluding, the redemption date.
Deutsche Bank Trust Co. Americas is the trustee. A redemption notice will be sent to the registered holder of the subordinated notes by the trustee on Feb. 26.
Nexen will complete the redemption on March 28. Following the redemption date, holders of subordinated notes will have no further rights or entitlements under the subordinated notes or the trust indenture other than to receive the redemption price described above. Prior to the redemption date, Nexen will deposit funds sufficient to pay the total redemption amount payable to holders of redeemed subordinated notes with Deutsche Bank Trust Co. Americas.
The subordinated notes are listed and traded on the TSX and NYSE under the symbols NXY.PR.U and NXY.PRB, respectively. Nexen intends to delist the subordinated notes from the TSX and NYSE as soon as possible following the redemption date.
Based in Calgary, Nexen Inc. is a wholly owned subsidiary of CNOOC Ltd. Nexen is focused on oil sands and shale gas in western Canada and conventional exploration and development primarily in the North Sea, offshore West Africa and deepwater Gulf of Mexico.
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