Apache Corp. (NYSE, Nasdaq: APA) reports that, pursuant to its previously announced $850 million cash tender offer, approximately $2.7 billion in aggregate principal amount of notes subject to the tender offer was validly tendered and not withdrawn at or before the early tender time, which was 5 p.m., Eastern time, on Dec. 5, according to information provided by Global Bondholder Services Corp., the depositary for the tender offer.
The tender offer is scheduled to expire at 11:59 p.m., Eastern time, on Dec. 19, unless extended. Holders of notes who tendered their notes on or before the "Withdrawal Date," which was 5 p.m., Eastern time, on Dec. 5, may no longer withdraw their notes, unless otherwise required by law.
Apache has retained Citigroup Global Markets Inc., JP Morgan Securities LLC, and RBS Securities Inc. to serve as dealer managers for the tender offer, and Global Bondholder Services Corp. will serve as the tender agent and information agent.
Apache also announced the reference yields, total consideration and tender offer consideration for each series of notes subject to its previously announced $850 million cash tender offer. The terms and conditions of the tender offer are described in detail in an offer to purchase dated Nov. 21, and a related letter of transmittal.
Based upon the results of the tender offer as of the early tender time, Apache determined that none of the 3.625% notes due 2021, 4.75% notes due 2043, or 4.25% notes due 2044 would ultimately be accepted for purchase under the terms of the tender offer. Accordingly, Apache also reported that it is terminating the tender offer with respect to the 3.625% notes due 2021, 4.75% notes due 2043, and 4.25% notes due 2044. Any tendered 3.625% notes due 2021, 4.75% notes due 2043, and 4.25% notes due 2044 will be promptly returned to holders.
The reference yields for the 2.625% notes due 2023 and the 3.25% notes due 2022, respectively, were calculated by Citigroup Global Markets Inc., JP Morgan Securities LLC, and RBS Securities Inc., the dealer managers for the tender offer.