03:01 PM EDT, 07/23/2024 (MT Newswires) -- Occidental Petroleum ( OXY ) is selling investment-grade bonds for $5 billion to finance the acquisition of CrownRock and the bonds will be sold in five parts, Bloomberg reported Tuesday, citing a person with knowledge of the matter.

The longest offering extends over 30 years with a yield of 160 basis points above Treasuries, the person was quoted as saying.

The bond offering is not subject to completion of the CrownRock acquisition, however, Occidental will repurchase the outstanding notes at 101 cents on the dollar if the transaction is not completed by Dec. 10, 2025, the report added, citing the person.

Occidental did not immediately respond to MT Newswires' request for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Price: 60.28, Change: -0.93, Percent Change: -1.52