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Occidental Announces Early Tender Results in Cash Tender Offers and Consent Solicitations for Certain of its Senior Notes Maturing in 2022 and 2023

Friday, August 28, 2020 8:26 pm EST

HOUSTON – August 28, 2020 – Occidental (NYSE: OXY) today announced the early tender results for the 2022 Notes and 2.70% 2023 Notes (each, 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.

According to the information received from Global Bondholder Services Corporation, the Tender Agent and Information Agent for the Tender Offers and Consent Solicitations, as of 5:00 p.m., New York City time, on August 28, 2020 (such date and time, the "2022 and 2023 Notes Early Tender Time"), Occidental had received valid tenders from holders of the 2022 Notes and 2.70% 2023 Notes as outlined in the table below. The table below also reflects information previously announced by Occidental regarding the 2021 Notes, which were tendered as of 5:00 p.m., New York City time, on August 25, 2020 (such date and time, the "2021 Notes Early Tender Time"). All such validly tendered and not validly withdrawn 2021 Notes were purchased by Occidental on August 27, 2020 and subsequently cancelled.

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