WHEN: Today, June 17th at 11:50AM ET
All references must be sourced to CNBC.
LARRY KUDLOW: THE TONY HAYWARD HEARINGS ARE IN RECESS WE HAVE BREAKING NEWS ON BP FROM OUR OWN KATE KELLY. HELLO KATE.
KATE KELLY: HEY LARRY, GOOD TO BE HERE. SO SOME BREAKING MARKET NEWS ON BP, WE ARE HEARING THEY ARE CONSIDERING A CORPORATE DEBT OFFERING TO TAKE PLACE AS EARLY AS NEXT WEEK TO RAISE FIVE TO TEN BILLION DOLLARS, POSSIBLY THROUGH FIVE YEAR PAPER, POSSIBLY A LITTLE BIT LONGER DATED. THE IDEA IS TO OF COURSE CREATE SOME LIQUIDITY BUT ALSO HELP REESTABLISH SOME CONFIDENCE IN THE COMPANY WHICH HAS TAKING A BEATING IN RECENT DAYS. CREDIT SPREADS ON DEFAULT SWAPS AGAINST A DEFAULT EVENT AT THE COMPANY REALLY SKY ROCKETED THE OTHER DAY, CAUSED SOME ANXIETY AROUND IT. THEY WOULD LIKE TO REASSURE INVESTORS THEY'VE BEEN DOING THAT IN RECENT DAYS. SHARES HAVE RECOVERED A LITTLE BUT THEY WANT TO SHOW THAT THEY STILL HAVE THE CONFIDENCE OF THE INVESTMENT BASE.
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