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.
About Nexen
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.
Forward-Looking Statements
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.