HOUSTON, Sept. 4, 2019 /PRNewswire/ -- Marathon Oil
Corporation (NYSE: MRO) announced today that it has launched a
conversion and remarketing of $600
million of sub-series A bonds (the "Sub-Series 2017A Bonds")
which are part of the $1 billion St.
John the Baptist, State of
Louisiana (the "Issuer") Revenue Refunding Bonds (Marathon
Oil Corporation Project) Series 2017 (the "2017 Bonds") issued and
purchased by the Company on December
18, 2017. Assuming a successful remarketing of all of
the Sub-Series 2017A Bonds, the Company will continue to own the
remaining $400 million of the 2017
Bonds and has the right to convert and remarket them to investors
at any time up to the 2037 maturity date. The Company will
continue to be obligated to service the principal and interest
payments associated with the $1
billion 2017 Bonds. The proceeds from the conversion
and remarketing will be used to pay the purchase price of the
converted 2017 Bonds owned by the Company on the closing
date. The Company does not intend for this conversion and
remarketing to result in a long-term increase in the Company's
indebtedness.
The Company anticipates that the closing of the remarketing of
the Sub-Series 2017A Bonds will take place on or about October 1, 2019, subject to customary closing
conditions. J.P. Morgan Securities LLC will act as the lead
remarketing agent for the offering.
Terms of the Sub-Series 2017A Bonds and the sale thereof will be
as described in the reoffering circular relating to the Sub-Series
2017A Bonds which will be available on the website of the
Municipal Securities Rulemaking Board via its Electronic Municipal
Market Access system at www.msrb.org no later than 7 business
days after the pricing of the Sub-Series 2017A Bonds, which is
currently anticipated to be on or around September 12, 2019.
This press release shall not constitute an offer to sell or a
solicitation of an offer to buy any securities, nor shall there be
any sale of securities in any state or jurisdiction in which such
offer, solicitation or sale would be unlawful prior to registration
or qualification under the securities laws of any such state or
jurisdiction.
Forward-looking Statements
This press
release contains forward-looking statements within the meaning of
Section 27A of the Securities Act of 1933 and Section 21E of the
Securities Exchange Act of 1934. All statements, other than
statements of historical fact, including statements regarding the
completion of the proposed remarketing, are forward-looking
statements. While the Company believes that its assumptions
concerning future events are reasonable, a number of factors could
cause results to differ materially including the failure to satisfy
closing conditions, our ability to remarket the bonds as well as
risk factors, forward-looking statements and challenges and
uncertainties described in the Company's 2018 Annual Report
on Form 10-K, Quarterly Reports on Form 10-Q and other public
filings and press releases, available at www.marathonoil.com.
Except as required by law, the Company undertakes no obligation to
revise or update any forward-looking statements as a result of new
information, future events or otherwise.
Media Relations Contact:
Katie
Altshuler: 405-365-8948
Investor Relations Contacts:
Guy Baber: 713-296-1892
John Reid: 713-296-4380
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SOURCE Marathon Oil Corporation