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

 

Thursday, July 9, 2020 9:06 PM EST 

 

HOUSTON – July 9, 2020 – Occidental Petroleum Corporation ("Occidental") (NYSE: OXY) today announced the early tender results of 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"), Floating Interest Rate Notes due February 2021 (the "Floating Rate February 2021 Notes"), 4.850% Senior Notes due 2021 (the "4.850% 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"), 3.125% Senior Notes due 2022 (the "3.125% 2022 Notes"), 2.600% Senior Notes due 2022 (the "2.600% 2022 Notes"), 2.700% Senior Notes due 2022 (the "2.700% 2022 Notes") and Floating Interest Rate Notes due August 2022 (the "Floating Rate August 2022 Notes" and, together with the 3.125% 2022 Notes, 2.600% 2022 Notes and 2.700% 2022 Notes, the "2022 Notes"; the 2022 Notes together with the 4.10% 2021 Notes, Floating Rate February 2021 Notes, 4.850% 2021 Notes, 2.600% 2021 Notes and Floating Rate August 2021 Notes, the "Notes") up to a maximum aggregate purchase price, excluding accrued but unpaid interest (the "Maximum Aggregate Purchase Price"), of $2,000 million. The maximum aggregate purchase price to be paid by Occidental for the 2022 Notes, excluding accrued but unpaid interest, is limited to $250 million (the "Sub-Cap").

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 June 25, 2020, as amended by a press release issued on June 29, 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 $1,950 million, on terms and subject to conditions reasonably satisfactory to Occidental (the "Financing Condition"). As set forth in the Offer to Purchase, Occidental reserves the right, but is under no obligation, to increase the Maximum Aggregate Purchase Price or the Sub-Cap, or amend the Financing Condition, at any time, subject to compliance with applicable law.

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 July 9, 2020 (such date and time, the "Early Tender Time"), Occidental had received valid tenders from holders of the Notes as outlined in the table below.

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