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Occidental launches exchange offers of Anadarko notes worth $11.9B

Occidental Petroleum Corp. plans to exchange up to $11.9 billion of notes issued by Anadarko Petroleum Corp. and its former subsidiaries for new Occidental notes.

Occidental would exchange 23 sets of senior notes and debentures issued by Anadarko, Anadarko Holding Co., Anadarko Finance Co. and Kerr-McGee Corp., according to an Aug. 15 news release. The terms of the old notes, including the interest rate and maturity, will be identical to those of the new ones.

Noteholders will get $1,000 principal amount of Occidental notes and $1 in cash in exchange for each $1,000 principal amount of Anadarko notes validly tendered and not validly withdrawn before Aug. 28. There is an early participation premium of $30, so those whose notes are validly tendered and not validly withdrawn after Aug. 28 but before the expiration date will receive $970 principal amount of Occidental notes and $1 in cash.

In addition to the exchange offers, Occidental is also seeking consents to adopt proposed amendments, including the removal of restrictive covenants, along with payment cross-default events of default in for a specific set of notes.

The exchange offers and consent solicitations kicked off Aug. 15 and will expire Sept. 13, unless extended or terminated.

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, as the company's shareholders voted to approve its $57 billion acquisition by Occidental.