Apache Prices $1.5B Notes Offering

Apache has priced $1.5 billion in aggregate principal amount of 5.10 percent notes due 2040 in a public offering.

Apache intends to use proceeds from the offering to repay borrowings under its bridge loan facility and commercial paper program, which were used to fund the purchase of BP's assets in the Permian Basin of West Texas and New Mexico in a transaction that closed Aug. 10. The Permian purchase was part of Apache's previously announced acquisition of BP's oil and gas operations, acreage and infrastructure in the Permian and Egypt's Western Desert and substantially all of BP's upstream natural gas business in western Alberta and British Columbia.

Net proceeds to Apache, after the underwriting discount and estimated offering expenses, are expected to be approximately $1.47 billion. The offering is expected to close Aug. 20, subject to the satisfaction of customary closing conditions.

BofA Merrill Lynch, BNP PARIBAS, Citi, Goldman, Sachs & Co., J.P. Morgan, HSBC and Wells Fargo Securities are the joint book-running managers for the offering.


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