Occidental Announces Upsize of Previously Announced Cash Tender Offers and Consent Solicitations for Certain of its Senior Notes
HOUSTON – August 12, 2020 – Occidental (NYSE: OXY) today announced that, in connection with its offers to purchase for cash (collectively, the "Tender Offers" and each a "Tender Offer") the outstanding senior notes listed in the table below and Consent Solicitations (as defined below), it is increasing (i) the maximum aggregate purchase price of Notes (as defined below) it will accept for purchase, excluding accrued but unpaid interest (as amended herein, the "Maximum Aggregate Purchase Price"), from the previously announced amount of $1,500 million to $3,000 million and (ii) the maximum aggregate purchase price of 2022 Notes (as defined below) it will accept for purchase, excluding accrued but unpaid interest (as amended herein, the "2022 Notes Sub-Cap"), from the previously announced amount of $200 million to $700 million. Additionally, Occidental announced that it is conditioning its obligation to accept for purchase and to pay for any of the Notes in the Tender Offers on the completion by Occidental of a registered offering (the "Concurrent Offering") of senior unsecured debt securities that results in net proceeds of at least $2,950 million, an increase from the previously announced condition that required such Concurrent Offering to result in net proceeds of at least $1,475 million, on terms and subject to conditions reasonably satisfactory to Occidental (as amended herein, the "Financing Condition").
The Tender Offers are being made upon the terms and conditions described in Occidental’s Offer to Purchase and Consent Solicitation Statement, dated August 12, 2020 (the "Offer to Purchase"), as amended by this press release.
View the full release and cautionary statement regarding forward-looking statements here.