25/02/2009 - 14:55

Woodside to issue $US1bn in bonds

25/02/2009 - 14:55

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Woodside Petroleum says it will issue $US1 billion in corporate bonds in the United States in a bid to repay short term debt and for capital expenditure.

Woodside Petroleum says it will issue $US1 billion in corporate bonds in the United States in a bid to repay short term debt and for capital expenditure.

The bond issue follows an announcement earlier this month that the oil and gas company will tap into the debt market to raise up to $US1.7 billion this year to fund development of its Pluto liquefied natural gas project.

Woodside said today the issue will consist of $US400 million five-year bonds with a coupon of 8.88 per cent and $US600 million of 10-year bonds with a coupon of 8.75 per cent.

Yesterday, the company announced a gas discovery near its Pluto project, where development is half complete.

It follows the company's annual report released last week where it reported a 73.4 per cent increase in net profit to $1.78 billion.

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