Anadarko Petroleum Corp. (NYSE: APC) has commenced a cash tender offer for up to $500 million combined aggregate principal amount of its outstanding 3.45% notes due 2024, 4.85% notes due 2021 and 5.55% notes due 2026, the company said on Nov. 28.

The purpose of the tender offer is to reduce the outstanding debt represented by the notes purchased in the tender offer and reduce Anadarko’s future interest expense. Notes that are accepted in the tender offer will be purchased, retired and cancelled by Anadarko and will no longer represent outstanding obligations of Anadarko.