these notes will be redeemed long before 2027The move was made to take away all the noise about the company not being able to cover the expiry's in 2021 and 2022.
Fact is they reduced debt by almost 400 million last year in a pretty mediocre price year for oil.
If oil price goes up anywhere near traditional prices($70-80) in the next 5-6 years(even for a short time) they will pay off huge amounts of debt.
Fact 2 is shale production will start to collapse, oil production globally will decline and price will go up. Its only a matter of time and we will see those higer oil prices.
I believe management needs to still explore some asset sales, and I am convinced this new note issue allso sets the table for the comapny to start buying back shares. Dividend would be the worst use of cash right now. Best bang for buck is buybacks and debt reduction.