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Apache starts tender offers for $1B of senior notes

Houston-based oil and gas driller Apache Corp. launched cash tender offers to buy up to $1.0 billion of outstanding senior notes.

Apache offered to purchase up to a total of $550 million of its outstanding 2.625% notes due 2023, 3.625% notes due 2021 and 3.250% notes due 2022, for the first pool, according to a June 5 news release. The company capped the 2021 notes at $100 million.

For the second pool, Apache offered to buy up to a total of $450 million of its 6.000% notes due 2037, 7.625% notes due 2096, 7.750% notes due 2029, 7.950% notes due 2026, 7.700% notes due 2026 and 7.375% notes due 2047.

The 2023 and 2037 notes have the highest acceptance priority level in the first and second pools, respectively. All tender offers include an early tender premium of $30 per $1,000 principal amount of notes validly tendered.

The early settlement date is June 21 for notes validly tendered on or before the early tender deadline of June 18. Each tender offer is scheduled to expire July 2, subject to extension or early termination.

Citigroup and Wells Fargo Securities are lead dealer managers for the tender offers. HSBC and TD Securities are co-dealer managers.

Apache has operations in onshore assets in the Permian Basin and Midcontinent/Gulf Coast onshore regions and offshore assets in the Gulf of Mexico.