Occidental Petroleum Corporation (“Occidental”) (NYSE: OXY) today announced that it
has obtained the requisite consents applicable to each of the
following series of notes to adopt certain proposed amendments (the
“Proposed Amendments”) to the terms of
the corresponding indentures governing such notes: (i) the 4.850%
Senior Notes due 2021 issued by Anadarko Petroleum Corporation
(“Anadarko”), (ii) the 3.450% Senior
Notes due 2024 issued by Anadarko, (iii) the 6.950% Senior Notes
due 2024 issued by Kerr-McGee Corporation (“Kerr-McGee”), (iv) the 5.550% Senior Notes due
2026 issued by Anadarko, (v) the 7.500% Debentures due 2026 issued
by Anadarko Holding Company, as successor in interest to Union
Pacific Resources Group Inc. (“Anadarko
HoldCo”), (vi) the 7.000% Debentures due 2027 issued by
Anadarko, (vii) the 7.125% Debentures due 2027 issued by
Kerr-McGee, (viii) the 7.150% Debentures due 2028 issued by
Anadarko HoldCo, (ix) the 6.625% Debentures due 2028 issued by
Anadarko, (x) the 7.200% Debentures due 2029 issued by Anadarko,
(xi) the 7.950% Debentures due 2029 issued by Anadarko HoldCo,
(xii) the 7.500% Senior Notes due 2031 issued by Anadarko Finance
Company (“Anadarko Finance”), (xiii)
the 7.875% Senior Notes due 2031 issued by Kerr-McGee, (xiv) the
6.450% Senior Notes due 2036 issued by Anadarko, (xv) the Zero
Coupon Senior Notes due 2036 issued by Anadarko, (xvi) the 7.950%
Senior Notes due 2039 issued by Anadarko, (xvii) the 6.200% Senior
Notes due 2040 issued by Anadarko, (xviii) the 4.500% Senior Notes
due 2044 issued by Anadarko, (xix) the 6.600% Senior Notes due 2046
issued by Anadarko, (xx) the 7.730% Debentures due 2096 issued by
Anadarko and (xxi) the 7.500% Debentures due 2096 issued by
Anadarko HoldCo. As of 5:00 p.m., New York City time, on August 28,
2019 (the “Early Participation Date”),
Occidental had not yet received the requisite consents to adopt the
Proposed Amendments with respect to the 7.250% Debentures due 2025
issued by Anadarko and the 7.250% Debentures due 2096 issued by
Anadarko (together, the “Extended Consent
Revocation Deadline Old Notes”).
The results are based on early tenders in (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exchange any and all validly tendered (and not validly withdrawn)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, Anadarko HoldCo, Anadarko
Finance and Kerr-McGee to adopt the Proposed Amendments to such
indentures governing the Old Notes (the “Old
Notes Indentures”).
Occidental today also announced that it is extending the
deadline to receive the Early Participation Premium (as defined in
the Prospectus (as defined below)) from 5:00 p.m., New York City
time, on August 28, 2019 to 12:01 a.m., New York City time, on
September 13, 2019, which is the same time as the Expiration Date
(as defined below) for the Exchange Offers, unless further
extended. Additionally, Occidental today announced that it has
waived the condition to the Exchange Offers that it receives (i)
the requisite consents to adopt the Proposed Amendments for all
series of Old Notes at or by the Expiration Date 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.
Solely with respect to the Extended Consent Revocation Deadline
Old Notes, Occidental today also announced that it is extending the
deadline to revoke consents to the Proposed Amendments to the
applicable Old Notes Indentures (the “Consent
Revocation Deadline”) from 5:00 p.m., New York City time, on
August 28, 2019 to 12:01 a.m., New York City time, on September 13,
2019, which is the same time as the Expiration Date, unless further
extended. The Consent Revocation Deadline for all other series of
Old Notes has not been extended and occurred on 5:00 p.m., New York
City time, on August 28, 2019. As a result, a valid withdrawal of
Old Notes (other than the Extended Consent Revocation Deadline Old
Notes) after the Consent Revocation Deadline will not be deemed a
revocation of the related consents, and such consents will continue
to be deemed delivered.
Except as described in this press release, no changes have been
made to the terms and conditions of the Exchange Offers, which are
set forth in a 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 was
declared effective on August 15, 2019.
With respect to all Old Notes other than the Extended Consent
Revocation Deadline Old Notes, Anadarko, Anadarko HoldCo, Anadarko
Finance and Kerr-McGee will promptly execute supplemental
indentures to the applicable Old Notes Indentures that contain the
Proposed Amendments, which supplemental indentures shall become
operative only upon the completion and settlement of the Exchange
Offers, with the result that the Proposed Amendments effected by
such supplemental indentures shall not become effective if the
Exchange Offers are terminated or withdrawn prior to completion or
settlement. The Exchange Offers commenced on August 15, 2019 and
expire at 12:01 a.m., New York City time, on September 13, 2019,
unless extended or terminated (the “Expiration Date”). The settlement is anticipated
to occur promptly after the Expiration Date. The consummation of
the Exchange Offers is subject to, and conditional upon, the
satisfaction or, where permitted, the waiver of the conditions set
forth in Occidental’s prospectus, dated as of August 15, 2019 (the
“Prospectus”), as amended by this
press release.
As of the Early Participation Date, the principal amounts of Old
Notes set forth in the table below had been validly tendered and
not validly withdrawn (and consents thereby validly delivered and
not validly revoked):
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
Early Participation 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
$645,688,000
95.37%
$247,965,000
3.450% Senior Notes due 2024
Anadarko
032511BJ5 / US032511BJ52
3.450% Senior Notes due 2024
$1,000
$1.00
$159,776,000
64.43%
$650,000,000
6.950% Senior Notes due 2024
Kerr-McGee
492386AU1 / US492386AU15
6.950% Senior Notes due 2024
$1,000
$1.00
$578,487,000
89.00%
$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
$1,083,264,000
98.48%
$111,856,000
7.500% Debentures due 2026
Anadarko HoldCo
907834AB1 / US907834AB13
7.500% Debentures due 2026
$1,000
$1.00
$87,909,000
78.59%
$47,750,000
7.000% Debentures due 2027
Anadarko
032511AL1 / US032511AL18
7.000% Debentures due 2027
$1,000
$1.00
$29,792,000
62.39%
$150,000,000
7.125% Debentures due 2027
Kerr-McGee
492386AK3 / US492386AK33
7.125% Debentures due 2027
$1,000
$1.00
$120,633,000
80.42%
$235,133,000
7.150% Debentures due 2028
Anadarko HoldCo
907834AG0 / US907834AG00
7.150% Debentures due 2028
$1,000
$1.00
$223,806,000
95.18%
$14,153,000
6.625% Debentures due 2028
Anadarko
032511AM9 / US032511AM90
6.625% Debentures due 2028
$1,000
$1.00
$13,816,000
97.62%
$135,005,000
7.200% Debentures due 2029
Anadarko
032511AN7 / US032511AN73
7.200% Debentures due 2029
$1,000
$1.00
$120,811,000
89.49%
$116,275,000
7.950% Debentures due 2029
Anadarko HoldCo
907834AJ4 / US907834AJ49
7.950% Debentures due 2029
$1,000
$1.00
$80,625,000
69.34%
$900,000,000
7.500% Senior Notes due 2031
Anadarko Finance
032479AD9 / US032479AD91
7.500% Senior Notes due 2031
$1,000
$1.00
$869,240,000
96.58%
$500,000,000
7.875% Senior Notes due 2031
Kerr-McGee
492386AT4 / US492386AT42
7.875% Senior Notes due 2031
$1,000
$1.00
$481,096,000
96.22%
$1,750,000,000
6.450% Senior Notes due 2036
Anadarko
032511AY3 / US032511AY39
6.450% Senior Notes due 2036
$1,000
$1.00
$1,730,434,000
98.88%
$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
$320,767,000
98.70%
$750,000,000
6.200% Senior Notes due 2040
Anadarko
032510AC3 / US032510AC36
6.200% Senior Notes due 2040
$1,000
$1.00
$736,896,000
98.25%
$625,000,000
4.500% Senior Notes due 2044
Anadarko
032511BK2 / US032511BK26
4.500% Senior Notes due 2044
$1,000
$1.00
$623,117,000
99.70%
$1,100,000,000
6.600% Senior Notes due 2046
Anadarko
032511BP1 / US032511BP13
6.600% Senior Notes due 2046
$1,000
$1.00
$1,099,016,000
99.91%
$48,800,000
7.250% Debentures due 2096
Anadarko
032511AK3 / US032511AK35
7.250% Debentures due 2096
$1,000
$1.00
$3,770,000
7.73%
$60,500,000
7.730% Debentures due 2096
Anadarko
032511AJ6 / US032511AJ61
7.730% Debentures due 2096
$1,000
$1.00
$44,794,000
74.04%
$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.
Questions concerning the terms of the Exchange Offers should be
directed to the following joint lead dealer managers:
BofA Merrill Lynch
Citigroup
J.P. Morgan
Wells Fargo Securities
214 North Tryon Street, 14th
Floor
388 Greenwich Street, 7th
Floor
383 Madison Avenue
555 South Tryon Street
Charlotte, North Carolina
28255
New York, New York 10013
New York, New York 10179
Charlotte, North Carolina
28202
Attention: Liability Management
Group
Attention: Liability Management
Group
Attention: Liability Management
Group
Attention: Liability Management
Group
Collect: (980) 683-3215
Collect: (212) 723-6106
Collect: (212) 834-3424
Collect: (704) 410-4756
Toll-Free: (888) 292-0070
Toll-Free: (800) 558-3745
Toll-Free: (866) 834-4666
Toll-Free: (866) 309-6316
Questions concerning tender procedures for the Old Notes and
requests for additional copies of the Prospectus and the Letter of
Transmittal should be directed to the following exchange agent and
information agent:
Global Bondholder Services
Corporation
By Facsimile (Eligible
Institutions Only):
(212) 430-3775
By E-Mail:
contact@gbsc-usa.com
By Mail or Hand:
65 Broadway—Suite 404
New York, New York 10006
Banks and Brokers (Collect):
(212) 430-3774
All Others (Toll Free):
(866) 470-3900
The Exchange Offers are being made pursuant to the terms and
conditions set forth in the Prospectus, which forms a part of the
Registration Statement, as amended as described in this press
release, and the related Letter of Transmittal and Consent (the
“Letter of Transmittal”). Tenders of
Old Notes in connection with any of the Exchange Offers may be
withdrawn at any time prior to the Expiration Date of the
applicable Exchange Offer. Following the Expiration Date, tenders
of Old Notes may not be validly withdrawn unless Occidental is
otherwise required by law to permit withdrawal. Occidental may
terminate or withdraw the Exchange Offers at any time for any
reason.
This press release is not an offer to sell or a solicitation of
an offer to buy any of the securities described herein and is also
not a solicitation of the related consents. The Exchange Offers may
be made solely pursuant to the terms and conditions of the
Prospectus, the Letter of Transmittal and the other related
materials. The Exchange Offers are not being made in any state or
jurisdiction in which such offers would be unlawful prior to
registration or qualification under the securities laws of any such
state or jurisdiction.
In order to participate in any exchange offer and consent
solicitation for Old Notes, holders of the Old Notes resident in
Canada are required to complete, sign and submit to the exchange
agent a Canadian Eligibility Form (attached as Annex A to the
Letter of Transmittal).
Any holder of the Old Notes located in any Member State of the
EEA that is a retail investor will not be able to participate in
the Exchange Offers. For these purposes, a retail investor means a
person who is one or more of the following: (i) a retail client as
defined in point (ii) of Article 4(1) Directive (EU) 2014/65/EU (as
amended, “MiFID II”), (ii) a customer
within the meaning of Directive (EU) 2016/97 (as amended, the
“Insurance Distribution Directive”),
where that customer would not qualify as a professional client as
defined in point (10) of Article 4(1) of MiFID II or (iii) a person
that is not a qualified investor as defined in the Prospectus
Directive.
Cautionary Statement
Concerning Forward-Looking Statements
This communication contains forward-looking statements within
the meaning of the federal securities laws, including Section 27A
of the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. In this context,
forward-looking statements often address expected future business
and financial performance and financial condition, and often
contain words such as “expect”, “anticipate”, “intend”, “plan”,
“believe”, “seek”, “see”, “will”, “would”, “target”, similar
expressions, and variations or negatives of these words.
Forward-looking statements by their nature address matters that
are, to different degrees, uncertain, such as the expected timing
of completion of the Exchange Offers. These and other
forward-looking statements are not guarantees of future results and
are subject to risks, uncertainties and assumptions that could
cause actual results to differ materially from those expressed in
any forward-looking statements, including the failure make any
filing or take other action required to consummate such transaction
in a timely matter or at all.
Factors that could cause actual results to differ and that may
affect Occidental’s results of operations and financial position
appear in Part I, Item 1A “Risk Factors” of Occidental’s Annual
Report on Form 10-K for the year ended December 31, 2018, and in
Occidental’s other filings with the SEC. Additional factors related
to the Exchange Offers appear in the Registration Statement.
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Media: Melissa E. Schoeb Vice President, Corporate Affairs
713-366-5615 or Investors: Jeff Alvarez Vice President, Investor
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