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BRIEF-Marathon Oil Announces $1 Billion Gross Debt Reduction
November 28, 2017 / 10:06 PM / 17 days ago

BRIEF-Marathon Oil Announces $1 Billion Gross Debt Reduction

Nov 28 (Reuters) - Marathon Oil Corp:

* MARATHON OIL ANNOUNCES $1 BILLION GROSS DEBT REDUCTION

* MARATHON OIL - ENTERED INTO A TRANSACTION TO REDEEM AT PAR OUTSTANDING $1 BILLION OF 5.125 PERCENT MUNICIPAL REVENUE BONDS DUE IN 2037

* MARATHON OIL CORP - ‍TRANSACTION WILL REDUCE GROSS DEBT BY $1 BILLION AND ANNUAL CASH INTEREST EXPENSE BY $51 MILLION​

* MARATHON OIL - AGREED TO BUY $1 BILLION OF REVENUE REFUNDING BONDS SERIES 2017 HAVING TERM RATE OF 3.75 PERCENT THAT WILL MATURE ON JUNE 1, 2037

* MARATHON OIL CORP - ‍PARISH WILL USE PROCEEDS TO REDEEM $1 BILLION OF 5.125 PERCENT FIXED RATE REVENUE BONDS SERIES 2007A​

* MARATHON OIL CORP - TOTAL LIQUIDITY AS OF SEPT. 30 WAS $5.2 BILLION

* MARATHON OIL - ‍ WITH PREVIOUS REFINANCING, GROSS DEBT REDUCED BY ABOUT $1.75 BILLION, ANNUAL CASH INTEREST EXPENSE REDUCED BY APPROXIMATELY $115 MILLION​

* MARATHON OIL - RIGHT TO TENDER REFUNDING BONDS AT PAR AND REMARKET THEM TO INVESTORS AT ANY TIME UP TO 2037 MATURITY DATE & IN AMOUNT UP TO FULL $1 BILLION​

* MARATHON OIL CORP - ‍REFUNDING TRANSACTION IS EXPECTED TO CLOSE ON DEC. 18, 2017, SUBJECT TO CUSTOMARY CLOSING CONDITIONS​

* MARATHON OIL CORP - ‍APPROXIMATELY $750 MILLION IN REMAINING PROCEEDS FROM SALE OF COMPANY‘S CANADIAN SUBSIDIARY IS SCHEDULED TO BE RECEIVED IN Q1 2018​

* MARATHON OIL - TOTAL LIQUIDITY AS OF SEPT. 30 WAS $5.2 BILLION, CONSISTING OF $1.8 BILLION IN CASH & CASH EQUIVALENTS & UNDRAWN REVOLVING CREDIT FACILITY OF $3.4 BILLION​ Source text for Eikon: Further company coverage:

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