UPDATE: Cameron International Planning 2-Part Debt Offering

Cameron International Corp. (CAM) Wednesday said it would offer a new two-part debt offering.

The issue will include 10- and 30-year pieces and is expected to be sold later in the session via active bookrunners J.P. Morgan Chase (JPM) and Morgan Stanley (MS).

Preliminary pricing guidance suggests a risk premium of about 150 basis points over Treasurys for the 10-year piece and about 170 basis points for the 30-year tranche.

Proceeds will be used to pay down outstanding convertible notes and for general corporate purposes.

The deal has been rated Baa1 by Moody's Investors Service and BBB+ by Standard & Poor's.

According to the company website, Cameron is a leading provider of flow equipment products, systems and services to worldwide oil, gas and process industries.

-By Kellie Geressy-Nilsen, Dow Jones Newswires; 212-416-2225; kellie.geressy@dowjones.com

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