The company now has $4.4 billion in cash, which is "sufficient for OGX to support its business plan investments until the company becomes free cash flow positive," OGX said in a statement according to Dow Jones.

It can complete its investment program, including subsea completion of all producing wells until the end of 2013, some incremental exploration investments, and keep enough in reserve to participate in new ventures and bidding rounds, the company said Tuesday.

Last week, OGX executives said that the company plans to drill 26 wells in 2012 as it ramps up its exploration efforts and increases oil production at the newly tapped Waimea field.

The company, part of billionaire Brazilian businessman Eike Batista's industrial empire, also expects to be a major player in Brazil's next licensing round for offshore exploration blocks.

The Waimea field in the offshore Campos Basin is currently producing about 12,500 barrels a day, with output expected to rise to between 40,000 and 50,000 barrels a day by the end of 2012.

OGX expects to declare Waimea commercial in the second quarter.

The bonds were sold by an OGX financing vehicle, OGX Austria GmbH, and carry a coupon of 8.375% per year.

According to a person familiar with the transaction, the bonds sold were sold at par, and total demand for the issue was $5.5 billion. OGX's statement didn't provide specific details.

Fitch said it expects to assign a single-B-plus rating to the deal, while Standard and Poor's assigned a single-B rating, and Moody's assigned a B1 rating.

S&P said OGX will likely maintain very weak credit ratios during the next 12 to 18 months because it will be going through its production ramp-up period with still limited operating cash flow generation.

But there's the potential for a "rapid and material improvement" in credit metrics still once the company reaches production, S&P said.