logo
Share SHARE
FONT-SIZE Plus   Neg

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 RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Internet access is growing worldwide, but there is still a long way to go before the entire world is completely wired, a study from the Pew Research Center has found. The study also noted that men have greater access to the Internet than women in many nations. Backtracking on its early announcements on digital privacy, WhatsApp is planning to share member information, phone numbers and analytical data with Facebook, to make revenue from the platform. Discount retailers Dollar Tree Inc. and Dollar General Corp. both reported results for the second quarter that missed analysts' expectations. Looking ahead, Dollar Tree also forecast revenue for the third quarter below analysts' estimates and lowered its full-year revenue outlook. Shares of both companies are falling in pre-market activity.
comments powered by Disqus
Follow RTT