Oxy Set to Raise $5 Billion in Debt for CrownRock Purchase

Occidental is planning on issuing debt worth some $5 billion to fund its acquisition of CrownRock. According to a Bloomberg report, the issue will be investment-grade and could be announced later today, unnamed sources told the publication. The issue could comprise tranches with maturities ranging from three to 30 years. Occidental announced the deal to acquire Permian-focused CrownRock in December last year. The deal was going to combine cash and stock, including debt, with a price tag of $12 billion in total at the time. Later, the value…