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Occidental Announces Early Tender Results in Cash Tender Offers and Consent Solicitations for Certain of its Senior Notes Maturing in 2021

Tuesday, August 25, 2020 7:33 pm EST

HOUSTON – August 25, 2020 – Occidental (NYSE: OXY) today announced the early tender results for the 2021 Notes (as defined below) in connection with its offers to purchase for cash (collectively, the "Tender Offers" and each, a "Tender Offer") its outstanding 4.10% Senior Notes due 2021 (the "4.10% 2021 Notes"), 2.600% Senior Notes due 2021 (the "2.600% 2021 Notes"), Floating Interest Rate Notes due August 2021 (the "Floating Rate August 2021 Notes" and, together with the 4.10% 2021 Notes and 2.600% 2021 Notes, the "2021 Notes"), Floating Interest Rate Notes due August 2022 (the "Floating Rate August 2022 Notes"), 2.600% Senior Notes due 2022 (the "2.600% 2022 Notes"), 2.700% Senior Notes due 2022 (the "2.700% 2022 Notes"), 3.125% Senior Notes due 2022 (the "3.125% 2022 Notes" and, together with the Floating Rate August 2022 Notes, 2.600% 2022 Notes and 2.700% 2022 Notes, the "2022 Notes") and 2.70% Senior Notes due 2023 (the "2.70% 2023 Notes" and, together with the 2021 Notes and 2022 Notes, the "Notes") up to a maximum aggregate purchase price, excluding accrued but unpaid interest (the "Maximum Aggregate Purchase Price"), of $3,000 million.

 

The Tender Offers and Consent Solicitations (as defined below) are being made pursuant to the terms and subject to the conditions described in Occidental’s Offer to Purchase and Consent Solicitation Statement, dated August 12, 2020, as amended by a press release issued by Occidental on August 12, 2020 and as further amended by a press release issued by Occidental on August 24, 2020 (the "Offer to Purchase"). Capitalized terms used but not defined herein have the meanings ascribed thereto in the Offer to Purchase.

The Tender Offers and Consent Solicitations are subject to, and conditioned upon, the satisfaction or waiver of certain conditions described in the Offer to Purchase, including the completion by Occidental of a registered offering of senior unsecured debt securities (the "Concurrent Offering") that results in net proceeds of at least $2,950 million, on terms and subject to conditions reasonably satisfactory to Occidental. As set forth in the Offer to Purchase, the maximum aggregate purchase price to be paid by Occidental for the 2022 Notes, excluding accrued but unpaid interest, is $700 million, and the maximum aggregate purchase price to be paid by Occidental for the 2.70% 2023 Notes, excluding accrued but unpaid interest, is $50 million.

View the full release and cautionary statement regarding forward-looking statements here.