Kerr-McGee ready for $4bn share buyback

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Oil and gas company Kerr-McGee put shareholder interest ahead of bondholders in April with the announcement of plans to execute a $4 billion share buyback financed with new debt. While the plan seems to have headed off a challenge from corporate raider Carl Icahn, who had suggested an $8.75 billion share repurchase in early March, the announcement was not good news for bondholders.

The company’s leverage will soar under the proposed share buyback, with pro forma 2004 total debt to capitalizat

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