Apache Corporation Announces Cash Tender Offers for up to $460,000,000 in Aggregate Purchase Price of Senior Notes
The terms and conditions of the Offers are set forth in Apache’s Offer to Purchase, dated
The Offer to Purchase relates to seven separate Offers, one for each series of notes (each series, a “Series of Notes,” and such notes, collectively, the “Notes”). Apache’s obligation to accept for purchase, and to pay for, Notes that are validly tendered and not validly withdrawn pursuant to each Offer is conditioned on the satisfaction or waiver by Apache of a number of conditions, including the receipt by Apache of the net proceeds from the issuance of not less than
Notes | CUSIP Numbers | Principal Amount Outstanding | Maximum Tender SubCap (principal amount) |
Acceptance Priority Level | Tender Consideration(1)(2) | Early Tender Premium(1) |
Total Consideration(1)(2)(3) | |||||
3.625% notes due 2021 | 037411 AX3 |
$ | 292,587,000 | N/A | 1 | $ | 955.00 | $ | 50 | $ | 1,005.00 | |
2.625% notes due 2023 | 037411 BD6 |
$ | 180,763,000 | N/A | 2 | $ | 950.00 | $ | 50 | $ | 1,000.00 | |
3.250% notes due 2022 | 037411 AZ8 |
$ | 460,057,000 | $ | 220,000,000 | 3 | $ | 970.00 | $ | 50 | $ | 1,020.00 |
4.250% notes due 2044 | 037411 BC8 |
$ | 706,417,000 | N/A | 4 | $ | 875.00 | $ | 50 | $ | 925.00 | |
4.750% notes due 2043 | 037411 BA2 |
$ | 1,306,622,000 | $ | 50,000,000 | 5 | $ | 915.00 | $ | 50 | $ | 965.00 |
5.100% notes due 2040 | 037411 AW5 |
$ | 1,396,531,000 | 6 | $ | 920.00 | $ | 50 | $ | 970.00 | ||
5.250% notes due 2042 | 037411 AY1 |
$ | 421,692,000 | 7 | $ | 920.00 | $ | 50 | $ | 970.00 |
(1) Per
(2) Excludes accrued interest, which will be paid on Notes accepted for purchase as described herein.
(3) Includes the Early Tender Premium (as defined in the Offer to Purchase) for Notes validly tendered at or prior to the Early Tender Deadline (and not validly withdrawn) and accepted for purchase.
Each Offer will expire at
Tendered Notes may be withdrawn at or prior to
The maximum aggregate principal amount of Notes accepted for purchase in each Offer will be subject to the applicable aggregate principal amount of each Series indicated in the table above (with respect to each Offer, and subject to increase or elimination by Apache, the “Maximum Tender SubCap” and collectively, the “Maximum Tender SubCaps”). In addition, Apache will only accept for purchase (I) an aggregate principal amount of
All Notes validly tendered and not validly withdrawn at or prior to the Early Tender Deadline having a higher Acceptance Priority Level will, subject to the Aggregate Maximum Purchase Price and the Maximum Tender SubCaps, be accepted before any Notes validly tendered and not validly withdrawn at or prior to the Early Tender Deadline having a lower Acceptance Priority Level are accepted pursuant to the Offers, and all Notes validly tendered and not validly withdrawn after the Early Tender Deadline and at or prior to the Expiration Date having a higher Acceptance Priority Level will, subject to the Aggregate Maximum Purchase Price and the Maximum Tender SubCaps, be accepted before any Notes validly tendered and not validly withdrawn after the Early Tender Deadline and at or prior to the Expiration Date having a lower Acceptance Priority Level are accepted pursuant to the Offers. However, Notes validly tendered and not validly withdrawn at or prior to the Early Tender Deadline will, subject to the Aggregate Maximum Purchase Price and the Maximum Tender SubCaps, be accepted for purchase in priority to other Notes validly tendered and not validly withdrawn after the Early Tender Deadline and at or prior to the Expiration Date, even if such Notes validly tendered and not validly withdrawn after the Early Tender Deadline and at or prior to the Expiration Date have a higher Acceptance Priority Level than the Notes validly tendered and not validly withdrawn at or prior to the Early Tender Deadline. Subject to the Maximum Tender SubCaps, if the aggregate principal amount of Notes validly tendered and not validly withdrawn at or prior to the Early Tender Deadline equals or exceeds the Aggregate Maximum Purchase Price, Holders of the Notes who validly tender and do not validly withdraw Notes after the Early Tender Deadline and at or prior to the Expiration Date will not have any such Notes accepted for payment regardless of the Acceptance Priority Level of such Notes, unless Apache increases the Aggregate Maximum Purchase Price. If the aggregate principal amount of any Series of Notes validly tendered and not validly withdrawn at or prior to the Early Tender Deadline equals or exceeds the applicable Maximum Tender SubCap, if any, Apache will not accept for purchase any Notes of such Series that are tendered following the Early Tender Deadline, unless Apache increases such applicable Maximum Tender SubCap. There can be no assurance that any or all tendered Notes of a given Acceptance Priority Level will be accepted for purchase.
If purchasing all the validly tendered and not validly withdrawn Notes of a given Acceptance Priority Level on the applicable Settlement Date would cause the Aggregate Maximum Purchase Price or the applicable Maximum Tender SubCap to be exceeded on such Settlement Date, Apache will accept such Notes on a pro rata basis, to the extent any Notes of such Acceptance Priority Level are accepted for purchase, so as to not exceed the Aggregate Maximum Purchase Price or the Maximum Tender SubCap, as applicable (with adjustments to avoid the purchase of Notes in a principal amount other than in the applicable minimum denomination requirements contained in the indentures governing the Notes and integral multiples of
Apache reserves the right, but is under no obligation, to increase or eliminate the Aggregate Maximum Purchase Price or any Maximum Tender SubCap at any time without extending the applicable Withdrawal Deadline (as defined in the Offer to Purchase), subject to applicable law. As such, there can be no assurance that any or all tendered Notes of a given Acceptance Priority Level will be accepted for purchase, even if validly tendered and not validly withdrawn prior to the Early Tender Deadline.
Apache reserves the right, but is under no obligation, at any time after the Early Tender Deadline and before the Expiration Date, to accept Notes that have been validly tendered and not validly withdrawn for purchase on a date determined at Apache’s option (such date, if any, the “Early Settlement Date”). Apache currently expects the Early Settlement Date, if any, to occur on
J.P. Morgan,
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 Financing Condition. The Offers to purchase the Notes are only being made pursuant to the terms of the Offer to Purchase. The Offers are not being made in any state or jurisdiction in which such Offers would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. None of Apache, the Dealer Managers, or the Tender Agent and Information Agent is making any recommendation as to whether or not Holders should tender their Notes in connection with the Offers.
About Apache
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
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
Media: (713) 296-7276
Website: www.apachecorp.com
APA-F
Source: Apache Corporation