Occidental Petroleum Corporation Pricing Term Sheet

Source Press Release
Company Occidental Petroleum Corporation 
Tags Debt Financing, Financing
Date June 29, 2020
Issuer:  Occidental Petroleum Corporation (the “Company”) 
   
Trade Date:  June 26, 2020 
   
Settlement Date*:  July 13, 2020 (T+10) 
   
Title:  8.000% Senior Notes due 2025 (the “2025 Notes”) 
  8.500% Senior Notes due 2027 (the “2027 Notes”) 
  8.875% Senior Notes due 2030 (the “2030 Notes”) 
   
Expected Ratings   
(Moody’s/S&P/Fitch)**:  Ba2/BB+/BB 
   
Principal Amount:  2025 Notes: $500,000,000 
  2027 Notes: $500,000,000 
  2030 Notes: $1,000,000,000 
   
Maturity Date:  2025 Notes: July 15, 2025 
  2027 Notes: July 15, 2027 
  2030 Notes: July 15, 2030 
   
Interest Payment Dates:  2025 Notes: Semi-annually on July 15 and January 15, commencing January 15, 2021 
  2027 Notes: Semi-annually on July 15 and January 15, commencing January 15, 2021 
  2030 Notes: Semi-annually on July 15 and January 15, commencing January 15, 2021 
   
Record Dates:  2025 Notes: July 1 and January 1 
  2027 Notes: July 1 and January 1 
  2030 Notes: July 1 and January 1 
   
Coupon:  2025 Notes: 8.000% per annum 
  2027 Notes: 8.500% per annum 
  2030 Notes: 8.875% per annum 
   
Benchmark Treasury:  2025 Notes: UST 0.25% due June 30, 2025 
  2027 Notes: UST 0.5% due June 30, 2027 
  2030 Notes: UST 0.625% due May 15, 2030 
   
Spread to Benchmark Treasury:  2025 Notes: T + 770 bps 
  2027 Notes: T + 802 bps 
  2030 Notes: T + 824 bps 
   
Yield to Maturity:  2025 Notes: 8.000% 
  2027 Notes: 8.500% 
  2030 Notes: 8.875% 
   
Initial Price to Public:  2025 Notes: 100.000% 
  2027 Notes: 100.000% 
  2030 Notes: 100.000% 

Optional Redemption Provisions:

  2025 Notes:  Make-Whole Call: UST + 50 bps 
Par Call: On or after April 15, 2025 
  2027 Notes:  Make-Whole Call: UST + 50 bps 
Par Call: On or after January 15, 2027 
  2030 Notes:  Make-Whole Call: UST + 50 bps 
Par Call: On or after January 15, 2030 
CUSIP / ISIN:  2025 Notes: 674599 DY8 / US674599DY89 
  2027 Notes: 674599 DZ5 / US674599DZ54 
  2030 Notes: 674599 EA9 / US674599EA94 
   
Joint Active Book-Running Managers:  Citigroup Global Markets Inc. 
  J.P. Morgan Securities LLC 
  RBC Capital Markets, LLC 
  Wells Fargo Securities, LLC 
   
Joint Book-Running Managers:  Barclays Capital Inc. 
  BofA Securities, Inc. 
  HSBC Securities (USA) Inc. 
  MUFG Securities Americas Inc. 
  SG Americas Securities, LLC 
  SMBC Nikko Securities America, Inc. 
   
Senior Co-Managers:  BBVA Securities Inc. 
​  Mizuho Securities USA LLC 
  Scotia Capital (USA) Inc. 
  Standard Chartered Bank 
   
Co-Managers:  BNP Paribas Securities Corp. 
​  Credit Agricole Securities (USA) Inc. 
  Credit Suisse Securities (USA) LLC 
  PNC Capital Markets LLC 
  TD Securities (USA) LLC 
  U.S. Bancorp Investments, Inc. 
  BNY Mellon Capital Markets, LLC 
​  CIBC World Markets Corp. 
Source: EvaluateEnergy® ©2020 EvaluateEnergy Ltd