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Nexen Nearly 3% Higher As Announces Major Debt-Reduction Plan

Nexen Inc. (NXY.TO) went up by nearly 3% to $25.45 after reportedly announcing a US$1-billion debt reduction plan in response to earlier credit review by Moody's Investors Service.

The company said it would issue a notice of redemption, before the end of March, for all US$500 million of its 5.05% senior notes due in 2013 and will redeem up to US$500 million principal amount of its 5.20% senior notes due in 2015 and its 5.65% senior notes due in 2017 through both an any-and-all tender offer and a maximum tender offer.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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