NEW YORK: Exxon Mobil Corp on Monday (Apr 13) raised US$9.5 billion in new debt, with the largest US oil producer seeking to bolster its finances ...
NEW YORK: Exxon Mobil Corp on Monday raised US$9.5 billion in new debt, with the largest US oil producer seeking to bolster its finances while debt markets remain open to new deals.
Exxon raised US$9.5 billion by selling five different bonds with a variety of durations ranging from five years to 31 years, up from US$9 billion which it had originally planned to raise, indicating robust investor demand. On Mar 17, Exxon sold US$2 billion in debt with a 10-year duration where the premium to US Treasuries was 240 basis points and the yield was 3.482 per cent.In August last year, Exxon raised US$1.25 billion through a 10-year bond with a premium to U.S. Treasuries of just 75 basis points and a yield of 2.44 per cent.
The logic behind Exxon's deal was to stock up further on cash while the market is still open to issuers of new debt, according to a person familiar with the matter.
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