Apache Prices $1.25 Billion Notes Offering
August 03 2020 - 6:12PM
Apache Corporation (NASDAQ: APA) today announced that it has priced
$500 million in aggregate principal amount of 4.625% notes due 2025
and $750 million in aggregate principal amount of 4.875% notes due
2027 in an underwritten public offering.
Apache intends to use the net proceeds from the offering to
purchase a portion of Apache’s outstanding senior indebtedness in
cash tender offers with respect to several series of its
outstanding notes, which commenced on August 3, 2020, with a
maximum aggregate purchase price of $460.0 million (the “Tender
Offers”); to repay a portion of outstanding borrowings under
Apache’s senior revolving credit facility, and for general
corporate purposes.
Net proceeds to Apache, after deducting the underwriting
discount but before deducting offering expenses payable by Apache,
are expected to be approximately $1.237 billion. The offering is
expected to close August 17, 2020, subject to the satisfaction of
customary closing conditions.
Joint book-running managers for the notes are J.P. Morgan
Securities LLC, BofA Securities, Inc., BMO Capital Markets Corp.,
and Scotia Capital (USA) Inc.
This announcement is for informational purposes only and is not
an offer to purchase or sell or a solicitation of an offer to
purchase or sell, with respect to any securities, including in
connection with the Tender Offers, nor shall there be any sale of
these securities in any jurisdiction in which such offer or
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such
jurisdiction.About Apache
Apache Corporation is an oil and gas exploration and production
company with operations in the United States, Egypt and the United
Kingdom and exploration activities offshore Suriname. Apache posts
announcements, operational updates, investor information and press
releases on its website, www.apachecorp.com.
Cautionary Statements and Risk Factors That May Affect
Future Results
Certain information contained in this release is forward-looking
information based on current expectations and plans that involve
risks and uncertainties. Forward-looking statements are not
guarantees of performance. Actual events or results may differ
materially because of conditions in our markets or other factors.
Moreover, Apache does not, nor does any other person, assume
responsibility for the accuracy and completeness of those
statements. Unless otherwise required by applicable securities
laws, Apache disclaims any intention or obligation to update any of
the forward-looking statements after the date of this release. If
Apache does update one or more forward-looking statements, no
inference should be drawn that it will make additional updates with
respect to those or other forward-looking statements. All of the
forward-looking statements are qualified in their entirety by
reference to the factors discussed under “Risk Factors” in the
Offer to Purchase and under “Forward-Looking Statements and Risk”
and “Risk Factors” in Apache’s Annual Report on Form 10-K for the
year ended December 31, 2019 and Quarterly Reports on Form 10-Q for
the quarterly periods ended March 31, 2020 and June 30, 2020 (each
of which is incorporated by reference in the Offer to Purchase) and
similar sections in any subsequent filings, which describe risks
and factors that could cause results to differ materially from
those projected in those forward-looking statements.
Those risk factors may not be exhaustive. Apache operates in a
continually changing business environment, and new risk factors
emerge from time to time. Apache cannot predict these new risk
factors or assess the impact, if any, of these new risk factors on
Apache’s businesses or the extent to which any factor, or
combination of factors, may cause actual results to differ
materially from those described in any forward-looking statements.
Accordingly, forward-looking statements should not be relied upon
as a prediction of actual results.
Contacts
Investor: |
(281) 302-2286 |
Gary Clark |
|
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Media: |
(713) 296-7276 |
Castlen Kennedy |
Website: www.apachecorp.com
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