Occidental Petroleum Corp. garnered nearly $11.5 billion in valid tenders to exchange notes issued by Anadarko Petroleum Corp. for new Occidental notes as of the expiration date of Sept. 13.
Occidental said in August that 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notes and $1 in cash in exchange for each $1,000 in principal amount of Anadarko notes validly tendered and not validly withdrawn before Sept. 13.
Holders of 21 sets of notes who validly tendered and did not validly withdraw on or before Sept. 13 will get the total consideration, according to a Sept. 16 news release. Occidental, however, will not accept Anadarko-issued 7.250% debentures due 2025 and 7.250% debentures due 2096 tendered for exchange in the exchange offers.
The company expects the settlement of the exchange offers Sept. 18.
Anadarko ceased to exist Aug. 8, after the company's shareholders voted to approve its $57 billion acquisition by Occidental.
