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Occidental gets almost $11.4B in valid tenders to exchange Anadarko notes

Occidental Petroleum Corp. received almost $11.4 billion in valid tenders to exchange notes issued by Anadarko Petroleum Corp. and its former subsidiaries for new Occidental notes.

Occidental earlier in August said it would exchange 23 sets of senior notes and debentures worth up to $11.9 billion issued by Anadarko, Anadarko Holding Co., Anadarko Finance Co. and Kerr-McGee Corp.

Under the exchange offers, noteholders will get $1,000 in principal amount of Occidental notes and $1 in cash in exchange for each $1,000 in principal amount of Anadarko notes validly tendered and not validly withdrawn before Aug. 28. There is an early participation premium of $30.

According to an Aug. 29 news release, Occidental said it will extend the deadline for noteholders to receive the early participation premium from Aug. 28 to Sept. 13, the same day as the expiration of the exchange offers. The settlement is expected immediately after the expiration.

Occidental also said it secured required consents for 21 Anadarko sets of notes to adopt proposed amendments, including the removal of restrictive covenants. Occidental is also extending the deadline to revoke consents for the remaining two sets of notes from Aug. 28 to Sept. 13.

BofA Merrill Lynch, Citigroup, J.P. Morgan and Wells Fargo Securities are joint lead dealer managers for the offers.

Anadarko ceased to exist Aug. 8, after the company's shareholders voted to approve its $57 billion acquisition by Occidental.