Nexen Plans $1B Debt Reduction

Nexen is seeking to reduce its debt by about $1 billion from cash on hand.

Nexen is seeking to reduce its debt by about $1 billion from cash on hand. The Canadian energy company is planning to repurchase $500 million of its 5.05% senior notes due in 2013. As part of the debt reduction plan, it will also buyback all of its 5.2% senior notes due in 2015 and 5.65% senior notes due in 2017, each in the amount of $250 million. Nexen may also repurchase its 6.2% senior notes due in 2019 and 7.4% senior notes due in 2028.

Click here for the release from Nexen.