Apache Prices $3 Billion Notes Offering
HOUSTON, April 3, 2012 /PRNewswire/ -- Apache Corporation
said today that it has priced $3 billion in aggregate principal amount of notes in a public offering consisting of $400 million principal amount of 1.75% notes due in 2017, $1.1 billion principal amount of 3.25% notes due in 2022, and $1.5 billion principal amount of 4.75% notes due in 2043.Apache intends to use proceeds from the offering to fund the cash portion of the purchase price to be paid to acquire Cordillera Energy Partners III LLC, repayment of Apache's $400 million in aggregate principal amount of 6.25% notes which mature on April 15, 2012, and for general corporate purposes.
Net proceeds to Apache, after deducting the underwriting discounts and estimated offering expenses payable by Apache, are expected to be approximately $2.96 billion. The offering is expected to close April 9, subject to the satisfaction of customary closing conditions.
The Cordillera transaction is expected to be completed during the second quarter.
Joint book-running managers for the notes are Citigroup, Goldman, Sachs & Co., J.P. Morgan, BofA Merrill Lynch, BMO Capital Markets, Deutsche Bank Securities, HSBC, Mitsubishi UFJ Securities, Morgan Stanley, RBC Capital Markets, RBS, UBS Investment Bank and Wells Fargo Securities.
This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any jurisdiction in which such offer or solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.
About Apache
Apache Corporation is an oil and gas exploration and production company with operations in the United States, Canada, Egypt, the United Kingdom North Sea, Australia and Argentina.
Forward-looking Statements
This news 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. Forward-looking statements can be identified by words such as 'anticipates,' 'intends,' 'plans,' 'seeks,' 'believes,' 'estimates,' 'expects' and similar references to future periods. These statements include, but are not limited to, statements about the anticipated use of proceeds of the offering. While forward-looking statements are based on assumptions and analyses made by us that we believe to be reasonable under the circumstances, whether actual results and developments will meet our expectations and predictions depend on a number of risks and uncertainties which could cause our actual results, performance, and financial condition to differ materially from our expectations. See 'Risk Factors' in our 2011 Form 10-K filed with the Securities and Exchange Commission for a discussion of risk factors that affect our business. Any forward-looking statement made by us in this news release speaks only as of the date on which it is made. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future development, or otherwise, except as may be required by law.
APA-F
Apache Corporation
CONTACT: Media, Bill Mintz, +1-713-296-7276, or John Roper,
+1-281-302-2646, or Investors, Patrick Cassidy, +1-713-296-6100
Web site: http://www.apachecorp.com/
