Occidental Announces Final Results in its Offers to Exchange Twenty-Three Series of Notes Issued by Anadarko Petroleum Corporation, Anadarko Holding Company, Anadarko Finance Company and Kerr-McGee Corporation For Occidental Notes

Source Press Release
Company Occidental Petroleum Corporation 
Tags Debt Financing, Financing
Date September 16, 2019

Occidental Petroleum Corporation (“Occidental”) (NYSE:OXY) today announced the expiration and final results of (i) the offers to exchange any and all validly tendered (and not validly withdrawn) and accepted notes of the 23 series of notes described in the table below (collectively, the “Old Notes”) for the new notes of a corresponding series to be issued by Occidental as described in the table below (collectively, the “Oxy Notes”) and cash and (ii) the related solicitation of consents (together with the offers to exchange, the “Exchange Offers”) being made by Occidental on behalf of Anadarko Petroleum Corporation (“Anadarko”), Anadarko Holding Company, as successor in interest to  Union Pacific Resources Group Inc. (“Anadarko HoldCo”), Anadarko Finance Company (“Anadarko Finance”) and  Kerr-McGee Corporation (“Kerr-McGee”) to adopt certain proposed amendments (the “Proposed Amendments”) to the terms of the indentures governing the Old Notes (the “Old Notes Indentures”).

The Exchange Offers commenced on August 15, 2019 and expired at 12:01 a.m., New York City time, on September 13, 2019 (the “Expiration Date”). As of the Expiration Date, the principal amounts of Old Notes set forth in the table below had been validly tendered and not validly withdrawn:

Aggregate
Principal Amount 
Title of Series of
Old Notes 
Issuer  CUSIP/ISIN No.  Title of Series of
Oxy Notes 
  Total Consideration(1)(2)      Old Notes Tendered at the
Expiration Date 
            Oxy Notes
(principal
amount) 
Cash      Aggregate
Principal Amount 
Percentage 
$677,035,000  4.850% Senior Notes due 2021  Anadarko  032511BM8 / US032511BM81  4.850% Senior Notes due 2021    $1,000  $1.00      $653,019,000  96.45% 
$247,965,000  3.450% Senior Notes due 2024  Anadarko  032511BJ5 / US032511BJ52  3.450% Senior Notes due 2024    $1,000  $1.00      $233,062,000  93.99% 
$650,000,000  6.950% Senior Notes due 2024  Kerr-McGee  492386AU1 / US492386AU15  6.950% Senior Notes due 2024    $1,000  $1.00      $582,523,000  89.62% 
$310,000  7.250% Debentures due 2025  Anadarko  032511AH0 / US032511AH06  7.250% Debentures due 2025    $1,000  $1.00      $25,000  8.06% 
$1,100,000,000  5.550% Senior Notes due 2026  Anadarko  032511BN6 / US032511BN64  5.550% Senior Notes due 2026    $1,000  $1.00      $1,081,892,000  98.35% 
$111,856,000  7.500% Debentures due 2026  Anadarko HoldCo  907834AB1 / US907834AB13  7.500% Debentures due 2026    $1,000  $1.00      $88,208,000  78.86% 
$47,750,000  7.000% Debentures due 2027  Anadarko  032511AL1 / US032511AL18  7.000% Debentures due 2027    $1,000  $1.00      $29,802,000  62.41% 
$150,000,000  7.125% Debentures due 2027  Kerr-McGee  492386AK3 / US492386AK33  7.125% Debentures due 2027    $1,000  $1.00      $122,636,000  81.76% 
$235,133,000  7.150% Debentures due 2028  Anadarko HoldCo  907834AG0 / US907834AG00  7.150% Debentures due 2028    $1,000  $1.00      $224,267,000  95.38% 
$14,153,000  6.625% Debentures due 2028  Anadarko  032511AM9 / US032511AM90  6.625% Debentures due 2028    $1,000  $1.00      $13,811,000  97.58% 
$135,005,000  7.200% Debentures due 2029  Anadarko  032511AN7 / US032511AN73  7.200% Debentures due 2029    $1,000  $1.00      $126,005,000  93.33% 
$116,275,000  7.950% Debentures due 2029  Anadarko HoldCo  907834AJ4 / US907834AJ49  7.950% Debentures due 2029    $1,000  $1.00      $80,881,000  69.56% 
$900,000,000  7.500% Senior Notes due 2031  Anadarko Finance  032479AD9 / US032479AD91  7.500% Senior Notes due 2031    $1,000  $1.00      $869,550,000  96.62% 
$500,000,000  7.875% Senior Notes due 2031  Kerr-McGee  492386AT4 / US492386AT42  7.875% Senior Notes due 2031    $1,000  $1.00      $484,677,000  96.94% 
$1,750,000,000  6.450% Senior Notes due 2036  Anadarko  032511AY3 / US032511AY39  6.450% Senior Notes due 2036    $1,000  $1.00      $1,734,194,000  99.10% 
$2,270,600,000(3)  Zero Coupon Senior Notes due 2036 (the “Zero Coupon Notes”)  Anadarko  032511BB2 / US032511BB27  Zero Coupon Senior Notes due 2036    $1,000  $1.00      $2,270,292,000  99.99% 
$325,000,000  7.950% Senior Notes due 2039  Anadarko  032511BG1 / US032511BG14  7.950% Senior Notes due 2039    $1,000  $1.00      $321,591,000  98.95% 
$750,000,000  6.200% Senior Notes due 2040  Anadarko  032510AC3 / US032510AC36  6.200% Senior Notes due 2040    $1,000  $1.00      $737,496,000  98.33% 
$625,000,000  4.500% Senior Notes due 2044  Anadarko  032511BK2 / US032511BK26  4.500% Senior Notes due 2044    $1,000  $1.00      $623,462,000  99.75% 
$1,100,000,000  6.600% Senior Notes due 2046  Anadarko  032511BP1 / US032511BP13  6.600% Senior Notes due 2046    $1,000  $1.00      $1,099,221,000  99.93% 
$48,800,000  7.250% Debentures due 2096  Anadarko  032511AK3 / US032511AK35  7.250% Debentures due 2096    $1,000  $1.00      $3,790,000  7.77% 
$60,500,000  7.730% Debentures due 2096  Anadarko  032511AJ6 / US032511AJ61  7.730% Debentures due 2096    $1,000  $1.00      $54,624,000  90.29% 
$77,970,000  7.500% Debentures due 2096  Anadarko HoldCo  907834AC9 / US907834AC95  7.500% Debentures due 2096    $1,000  $1.00      $59,783,000  76.67% 

(1)  Consideration per $1,000 principal amount of Old Notes validly tendered and accepted for exchange. No additional payment will be made for a holder’s consent to the Proposed Amendments. 
(2)  The term “Oxy Notes” in this column refers, in each case, to the series of Oxy Notes corresponding to the series of Old Notes of like tenor and coupon. 
(3)  Aggregate principal amount at maturity. The accreted amount as of September 18, 2019, the anticipated settlement date of the applicable Exchange Offer, will be approximately $413,739.22 per $1,000,000 aggregate principal amount at maturity of Zero Coupon Notes. Except where otherwise indicated, the term “aggregate principal amount,” when used in reference to the Zero Coupon Notes, refers to the accreted amount as of the anticipated settlement date. 

The Exchange Offers were made pursuant to the terms and conditions set forth in Occidental’s prospectus, dated as of August 15, 2019 (the “Prospectus”), as amended by a press release issued by Occidental on August 29, 2019, and the related Letter of Transmittal and Consent (the “Letter of Transmittal”). The Prospectus forms a part of the Registration Statement on Form S-4, which was filed with the Securities and Exchange Commission (“SEC”) on August 1, 2019, as amended by Amendment No. 1 thereto filed with the SEC on August 13, 2019 (the “Registration Statement”), and declared effective on August 15, 2019.

Following the Expiration Date, tenders of Old Notes may not be validly withdrawn. As of the Expiration Date, all conditions to the Exchange Offers were satisfied, other than (a) the conditions that Occidental obtains (i) the requisite consents applicable to each series of Old Notes to adopt the Proposed Amendments for all series of Old Notes at or by the Expiration Date (the “Requisite Consents”) and (ii) the valid tender (without valid withdrawal) of a majority in aggregate principal amount of the Old Notes of all series at or by the Expiration Date, each of which Occidental waived as announced on August 29, 2019, and (b) the condition that Occidental obtains the receipt of the Requisite Consents for the 7.250% Debentures due 2025 issued by Anadarko and the 7.250% Debentures due 2096 issued by Anadarko (together, the “Specified Old Notes”). Occidental currently anticipates that the settlement date of the Exchange Offers will be September 18, 2019. Eligible holders of Old Notes other than the Specified Old Notes who validly tendered and did not validly withdraw such notes at or prior to the Expiration Date are eligible to receive the total consideration set forth in the table above. Occidental will not accept any Specified Old Notes tendered for exchange in the Exchange Offers.

With respect to the Old Notes other than the Specified Old Notes, at 5:00 p.m., New York City time, on August 28, 2019, Occidental had obtained the Requisite Consents. Accordingly, supplemental indentures to the applicable Old Notes Indentures that implement the Proposed Amendments were executed by Anadarko, Anadarko HoldCo, Anadarko Finance and Kerr-McGee on August 29, 2019. Such supplemental indentures will become operative upon the settlement of the Exchange Offers.

Source: EvaluateEnergy® ©2019 EvaluateEnergy Ltd