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Apache Prices Public Offering Of 5.1% Notes Due 2040 For $1.5 Billion: Apache Has Planned To Repay Its Borrowings - Deal Analysis From GlobalData
GlobalData, Aug 2010, Pages: 11
Apache Prices Public Offering Of 5.1% Notes Due 2040 For $1.5 Billion: Apache Has Planned To Repay Its Borrowings - Deal Analysis From GlobalData
Summary
Apache Corporation (Apache) priced the public offering of 5.1% notes, due September 1, 2040, for gross proceeds of $1,500m. The notes will be offered at a price of 98.936% of the principal amount. The company will receive net proceeds of approximately $1,470m after deducting expenses. Interest on the notes is payable on March 1 and September 1, commencing from March 1, 2011. The notes will carry a yield of 5.17%. The notes will be redeemable, at the option of Apache at any time, in whole or in part at a price of 100% of the principal amount; or at the sum of the present values of the remaining scheduled payments of principal and interest thereon discounted to the date of redemption, on a semi-annual basis, at the treasury rate plus 25 basis points. Apache intends to use the proceeds from the offering to finance a portion of the purchase price in connection with the BP Acquisition, including repayment of $1 billion of borrowings under the bridge facility. Banc of America Securities LLC, BNP Paribas Securities Corp., Citigroup Global Markets Inc., Goldman, Sachs & Co., J.P. Morgan Securities Inc., HSBC Securities (USA) Inc., Wells Fargo Securities, LLC, Mizuho Securities USA Inc., SG Americas Securities, LLC and TD Securities (USA) LLC are acting as underwriters for the offering. Bracewell & Giuliani LLP is acting as the legal counsel to the company for the offering. The offering is subject to satisfaction of customary closing conditions and is expected to close on August 20, 2010.
Scope
- Rationale behind the debt offering was to fund its acquisition
Reasons to buy
- Develop a sound undestanding of the major M&A's, Partnerships, And Joint Ventures taking place in Asian Oil & Gas industry
- Identify the most lucrative segments to leverage on the growth oppurtunities available in the Indian oil & gas market
- Get a detailed analysis of a deal to enable you to take better decisions.
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