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
TerraForm Global, Inc., an operator of clean energy power plants, said Monday that it has signed an exclusivity agreement with Brookfield Asset Management Inc. to negotiate a potential business combination between them. Shares of TerraForm Global are gaining more than 6 percent in pre-market activity following the announcement. Fast food giant McDonald's Corp. (MCD) on Monday reported a 1 percent decline in profit for the fourth quarter from last year on lower revenues due to the impact of refranchising. However, both revenue and earnings per share beat analysts' expectations. The Oak Brook, Illinois-based hamburger chain... U.S. authorities are investigating Yahoo Inc. for not disclosing the two massive data breaches sooner to investors, the Wall Street Journal reported, citing people familiar with the matter. It is expected that such a move could help clarify the timeline for companies to reveal such hacks.
comments powered by Disqus
Follow RTT