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Halliburton to call 2.7% notes, 3.375% notes due to merger breakup
By Susanna Moon
Chicago, May 4 – Halliburton Co. will redeem its $1.25 billion principal amount of its 2.7% senior notes due 2020 and $1.25 billion principal amount of its 3.375% senior notes due 2022, according to an 8-K filing with the Securities and Exchange Commission.
The notes will be redeemed at 101% of par plus accrued interest to but excluding the redemption date.
The redemption was triggered by the terms of $7.5 billion principal amount of senior notes issued on Nov. 13, 2015, because the company’s planned merger with Baker Hughes Inc. was terminated. Halliburton will pay a breakup fee of $3.5 billion.
Under the note terms, the company must issue notice of the special mandatory redemption to the trustee within five business days of the termination agreement, which was May 2, and issue a call for the notes five days after that.
The redemption date must be within 30 days of the redemption notice.
Halliburton is a Houston-based diversified energy services company.
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