Monday, December 21, 2020 08:38 AM ET
Occidental Announces Early Tender Results and Further Upsize in Cash Tender Offers and Consent Solicitations for Certain of its Senior Notes
HOUSTON — December 21, 2020 — Occidental (NYSE: OXY) today announced the early tender results of its offers to purchase for cash (collectively, the “Tender Offers” and each a “Tender Offer”) its outstanding 2.600% Senior Notes due 2021 (the “2.600% 2021 Notes”), 3.125% Senior Notes due 2022 (the “3.125% 2022 Notes”), 2.600% Senior Notes due 2022 (the “2.600% 2022 Notes”), 2.700% Senior Notes due 2022 (the “2.700% 2022 Notes”) and 2.70% Senior Notes due 2023 (the “2.70% 2023 Notes” and, together with the 2.600% 2021 Notes, 3.125% 2022 Notes, 2.600% 2022 Notes and 2.700% 2022 Notes, the “Notes”). In connection therewith, Occidental further announced that it is increasing the maximum aggregate purchase price of Notes it will accept for purchase, excluding accrued but unpaid interest (as amended herein, the “Maximum Aggregate Purchase Price”), from the previously announced amount of $2 billion to $2.3 billion. The maximum aggregate purchase price to be paid by Occidental for the 2.70% 2023 Notes, excluding accrued but unpaid interest, is limited to $500 million (the “Sub-Cap”).
The Tender Offers and Consent Solicitations (as defined below) are being made pursuant to the terms and subject to the conditions described in Occidental’s Offer to Purchase and Consent Solicitation Statement, dated December 7, 2020, as amended by a press release issued by Occidental on December 8, 2020, and as further amended by this press release (the “Offer to Purchase”). Capitalized terms used but not defined herein have the meanings ascribed thereto in the Offer to Purchase.
The Tender Offers and Consent Solicitations are subject to, and conditioned upon, the satisfaction or waiver of certain conditions described in the Offer to Purchase, including the receipt of proceeds by Occidental from an issuance of senior unsecured debt securities (the “Concurrent Offering”) with an aggregate principal amount of at least $2 billion, on terms and subject to conditions reasonably satisfactory to Occidental (the “Financing Condition”). As set forth in the Offer to Purchase, Occidental reserves the right, but is under no obligation, to further increase the Maximum Aggregate Purchase Price or the Sub-Cap, or amend the Financing Condition, at any time, subject to compliance with applicable law.
According to the information received from Global Bondholder Services Corporation, the Tender Agent and Information Agent for the Tender Offers and Consent Solicitations, as of 5:00 p.m., New York City time, on December 18, 2020 (such date and time, the “Early Tender Time”), Occidental had received valid tenders from holders of the Notes as outlined in the table below.
View the full release and cautionary statement regarding forward-looking statements here.