Anadarko Enters Into $1.3 Billion Revolving Credit Facility.HOUSTON -- Anadarko Petroleum Corporation Anadarko Petroleum Corporation (NYSE: APC) is one of the world’s largest independent oil and gas exploration and production companies, with 2.37 billion barrels of oil equivalent (BOE) of proved reserves and a production of 190 million BOE in 2004. Ranked No. (NYSE NYSE See: New York Stock Exchange :APC (1) (American Power Conversion Corporation, West Kingston, RI, www.apcc.com) The leading manufacturer of UPS systems and surge suppressors, founded in 1981 by Rodger Dowdell, Neil Rasmussen and Emanual Landsman, three electronic power engineers who had worked at MIT. ) today announced that it has entered into a new $1.3 billion five-year committed revolving credit Revolving Credit A line of credit where the customer pays a commitment fee and is then allowed to use the funds when they are needed. It is usually used for operating purposes, fluctuating each month depending on the customers current cash flow needs. facility with a group of lenders. The facility replaces the company's previous $750 million facility, which was scheduled to mature in August 2009 and has been retired. The new facility, which is expandable to $2 billion with the consent of the lenders, had no borrowings outstanding at closing. "The new bank facility is an important component of our capital structure. The facility contains pricing and terms that are attractive relative to our prior facility, and its size and expandability provide us with substantial financial flexibility going forward," Anadarko Senior Vice President and CFO See Chief Financial Officer. Al Walker said. "We are pleased to have completed a very successful syndication in the current credit environment, and we are thankful to the lenders for their support." The revolving credit facility was arranged by J.P. Morgan Securities Inc. Anadarko Petroleum Corporation's mission is to deliver a competitive and sustainable rate of return to shareholders by exploring for, acquiring and developing oil and natural gas resources vital to the world's health and welfare. As of year-end 2007, the company had 2.4 billion barrels-equivalent of proved reserves proved reserves The quantity of minerals expected to be recoverable under current economic and operating conditions. The amount of proved reserves is important in valuing the stock of a company with significant holdings in natural resources. , making it one of the world's largest independent exploration and production companies. For more information about Anadarko, please visit www.anadarko.com. |
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