The company will sell $775M of 5.25% senior notes due 2026, at 100% of principal. It was looking at a $500M offering in order to roll over $775M of 7% notes due 2020.
Proceeds of the offering, targeted at qualified institutional buyers, will be used to pursue rolling over all the 7% debt. It's expected to close in about two weeks.
The company has total debt of about $11B.
Shares are flat in after-hours trading.
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