Apache Prices $1B Senior Notes Offering

Apache has priced $1 billion in aggregate principal amount of senior notes. The public offering consisted of $500 million principal amount of 3.625% notes due in 2021 and $500 million principal amount of 5.25% notes due in 2042.

Apache intends to use proceeds from the offering to redeem the outstanding public debt assumed upon completion of its acquisition of Mariner Energy Inc. on Nov. 10. Net proceeds to Apache, after deducting the underwriting discounts and estimated offering expenses payable by Apache, are expected to be approximately $977 million. The offering is expected to close Dec. 3, subject to the satisfaction of customary closing conditions.

Joint book-running managers for both the 2021 and 2042 notes are Deutsche Bank Securities, Goldman, Sachs & Co., J.P. Morgan and RBS. In addition, BMO Capital Markets, Morgan Stanley and Standard Chartered Bank are joint book-running managers for the 2021 notes, and Mitsubishi UFJ Securities, RBC Capital Markets and UBS Investment Bank are joint book-running managers for the 2042 notes.


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