CALGARY, Feb. 26, 2013 /CNW/ - Nexen Inc. ("Nexen" or the "Company",
TSX, NYSE: NXY) announced today that, in accordance with the terms of
the indenture (the "Trust Indenture") governing Nexen's outstanding
US$460 million aggregate principal amount of 7.35% Subordinated Notes
due 2043 (the "Subordinated Notes"), Nexen has exercised its right to
redeem all of the outstanding Subordinated Notes for a cash amount
equal to $1,000 per $1,000 principal amount of Subordinated Notes, plus
accrued and unpaid interest up to, but excluding, the redemption date.
Nexen will complete the redemption of such Subordinated Notes on March
28, 2013 (the "Redemption Date"). Following the Redemption Date,
holders of Subordinated Notes will have no further rights or
entitlements under the Subordinated Notes or the Trust Indenture other
than to receive the redemption price described above. Prior to the
Redemption Date, Nexen will deposit with Deutsche Bank Trust Company
Americas (the "Trustee"), the trustee under the Trust Indenture, funds
sufficient to pay the total redemption amount payable to holders of
redeemed Subordinated Notes.
A redemption notice will be sent to the registered holder of the
Subordinated Notes today by the Trustee.
The Subordinated Notes are listed and traded on the TSX and NYSE under
the symbols NXY.PR.U and NXY.PRB, respectively. Nexen intends to delist
the Subordinated Notes from the TSX and NYSE as soon as possible
following the Redemption Date.
Nexen Inc. is a wholly-owned subsidiary of CNOOC Limited. Nexen is
focused on three growth strategies: oil sands and shale gas in western
Canada and conventional exploration and development primarily in the
North Sea, offshore West Africa and deepwater Gulf of Mexico.
Certain statements in this Release constitute "forward-looking
statements" (within the meaning of the United States Private Securities
Litigation Reform Act of 1995, as amended) or "forward-looking
information" (within the meaning of applicable Canadian securities
legislation). Such statements or information (together "forward-looking
statements") are generally identifiable by the forward-looking
terminology used such as "will", "intends", "expect", "should" or other
similar words. More particularly and without limitation, this Release
contains forward-looking statements and information concerning the
redemption of the Subordinated Notes and the delisting of the
Subordinated Notes from the TSX and the NYSE.
In respect of the forward-looking statements and information concerning
the redemption of the Subordinated Notes and the delisting of the
Subordinated Notes from the TSX and NYSE, Nexen has provided such in
reliance on certain assumptions that it believes are reasonable at this
time, including assumptions as to the time necessary, and the ability
of Nexen to complete the redemption of the Subordinated Notes and the
delisting of the Subordinated Notes from the TSX and the NYSE. The date
of delisting may be delayed or changed for a number of reasons.
Accordingly, readers should not place undue reliance on the
forward-looking statements and information contained in this Release
concerning these times.
Nexen undertakes no obligation to update publicly or revise any
forward-looking statements or information, whether as a result of new
information, future events or otherwise, unless so required by
applicable securities laws.
SOURCE: Nexen Inc.
For investor relations inquiries, please contact:
Vice President, Investor Relations
For media and general inquiries, please contact:
Vice President, Corporate Relations
801 - 7th Ave SW
Calgary, Alberta, Canada T2P 3P7