Nov
08

Santos to Cut Debt by A$3.5 Billion Amid Rout in Oil Prices

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  • Santos plans to sell A$2.5 billion stock to shareholders
  • Mitsui buys Kipper gas field holding for A$520 million

Santos Ltd., the Australian oil and gas producer that rejected a takeover bid last month, plans to raise A$3.5 billion ($2.5 billion) selling shares and a stake in a gas field as it seeks to cut debt after the plunge in energy prices.

The company, which also named Kevin Gallagher to replace David Knox as chief executive officer, will sell A$2.5 billion of shares to existing holders at a 35 percent discount, Adelaide-based Santos said Monday in a statement. It will raise A$500 million in a separate sale to Hony Capital, a China-based private equity firm, and A$520 million selling part of the Kipper gas field to a unit of Mitsui & Co…

Santos to Cut Debt by A$3.5 Billion Amid Rout in Oil Prices

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