logo
Plus   Neg
Share
Email

Apache Prices $3 Bln Notes Offering

Oil and natural gas producer Apache Corp. (APA) Tuesday said it is selling $3 billion worth debt notes, in order to fund the acquisition of Cordillera Energy Partners.

Apache is offering $400 million of 1.75% notes due in 2017, $1.1 billion of 3.25% notes due in 2022, and $1.5 billion of 4.75% notes due in 2043.

Proceeds to Apache, after deducting the underwriting discounts and estimated offering expenses, are expected to be about $2.96 billion.

Apache plans to use proceeds from the offering to fund the cash portion of Cordillera Energy Partners acquisition, repay Apache's $400 million of 6.25% notes due on April 15, and for general corporate purposes.

In January, Apache agreed to acquire privately-held Cordillera Energy Partners for $2.85 billion in cash and stock. The Cordillera transaction is expected to be completed during the second quarter.

by RTTNews Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
With sales by online retailers accounting for an increasing share of consumer spending, the U.S. Supreme Court has handed states a major victory in their efforts to boost revenue from sales tax. In a 5 to 4 ruling published Thursday, the Supreme Court sided with South Dakota in a case against online... AT&T Inc., which recently completed its acquisition of Time Warner Inc., has launched its new "WatchTV" streaming service with two unlimited data plans. In addition, WatchTV can be streamed through the WatchTV app. The two data plans - AT&T Unlimited &More and AT&T Unlimited &More Premium - are scheduled to launch next week. WatchTV features more than 30 live channels. Tesla Inc. has filed a lawsuit against a former employee, alleging that he stole the company's confidential data and transferred the information to third parties. The lawsuit accuses the former employee, Martin Tripp, of unlawfully hacking Tesla's confidential and trade secret information as well as transferring the information to third parties. The lawsuit was filed in a federal court in Nevada.
Follow RTT