Occidental Announces Upsize of Previously Announced Cash Tender Offers and Consent Solicitations for Certain of its Senior Notes
HOUSTON – December 8, 2020 – Occidental (NYSE: OXY) today announced that, in connection with its offers to purchase for cash (collectively, the “Tender Offers” and each a “Tender Offer”) the outstanding senior notes listed in the table below and Consent Solicitations (as defined below), it is increasing (i) the maximum aggregate purchase price of Notes (as defined below) it will accept for purchase, excluding accrued but unpaid interest (as amended herein, the “Maximum Aggregate Purchase Price”), from the previously announced amount of $1.5 billion to $2 billion and (ii) the maximum aggregate purchase price of its 2.70% Senior Notes due 2023 (the “2.70% 2023 Notes”) it will accept for purchase, excluding accrued but unpaid interest, from the previously announced amount of $150 million to $500 million (as amended herein, the “Sub-Cap”). Additionally, Occidental announced that it is amending the Tender Offers and Consent Solicitations to condition its obligation to accept for purchase and to pay for any of the Notes in the Tender Offers on its receipt of proceeds 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, an increase from the previously announced condition requiring an issuance of senior unsecured debt securities with an aggregate principal amount of at least $1.5 billion (as amended hereby, the “Financing Condition”).
The Tender Offers and Consent Solicitations are being made upon the terms and conditions described in Occidental’s Offer to Purchase and Consent Solicitation Statement, dated December 7, 2020 (the “Offer to Purchase”), as amended by this press release.
View the full release and cautionary statement regarding forward-looking statements here.