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| Halliburton issues $1.2 billion of senior notes Halliburton announced the pricing of an offering of $1.2 billion in an aggregate principal amount of senior notes. The notes are being issued in two tranches - $400 million of 10-year notes bearing interest at a fixed rate of 5.90% per year and maturing on September 15, 2018, and $800 million of 30-year notes bearing interest at a fixed rate of 6.70% per year and maturing on September 15, 2038. The offering is expected to close on September 12, 2008. The total estimated market value at settlement of the Convertible Senior Notes is $2.9 billion, including an estimated premium over par of $1.7 billion, which will be paid through a combination of approximately $700 million in cash and approximately $1 billion in common stock. Halliburton will record an after-tax charge of approximately $700 million in the third quarter of 2008 related to the premium amount that was settled in cash. Also, Halliburton announced that, in connection with its recent acquisition of the remaining 49% interest in WellDynamics, a leading provider of intelligent well completions, Halliburton will record an after-tax charge of $14 million in the third quarter of 2008 related to the vesting of certain WellDynamics employee incentive compensation awards. The closing of the WellDynamics transaction was a triggering event under the compensation plan. write your comments about the article :: © 2008 Construction News :: home page |