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
Facebook Inc. (FB), Wednesday reported a jump in profit for the second quarter, as the social networking giant's bottom line continues to be driven by soaring ad revenues. Both earnings and revenues trumped Wall Street expectations, sending shares up by 6 percent in the extended hours. Menlo Park,... Boeing Co.(BA) reported a loss for the second-quarter 2016 compared to profit in the prior year, reflecting 787 cost reclassification and charges on the 747 program and the KC-46 Tanker program, partially offset by solid execution and higher volume. It cut its profit outlook for fiscal year 2016, while it reaffirmed annual revenue guidance. Automaker Fiat Chrysler Automobiles NV on Wednesday reported a 25 percent increase in profit for the second quarter from last year. However, quarterly net revenues and worldwide shipments declined from last year.
comments powered by Disqus
Follow RTT