Summary
Occidental Petroleum Corporation (OXY) announced on February 28, 2022, the commencement of cash tender offers for a substantial portion of its outstanding senior notes. The company is looking to purchase up to $1.5 billion of 'Pool 1 Notes' and up to $1.0 billion of 'Pool 2 Notes', with the aggregate purchase price capped at these amounts across both pools. This move signals Occidental's proactive approach to managing its debt profile and potentially reducing its interest expense.
Key Highlights
- 1Occidental Petroleum has launched cash tender offers for multiple series of its senior notes.
- 2The company intends to purchase up to $1.5 billion in aggregate principal amount of 'Pool 1 Notes'.
- 3The company intends to purchase up to $1.0 billion in aggregate principal amount of 'Pool 2 Notes'.
- 4The tender offers are subject to specified conditions and are expected to be funded with existing cash on hand.
- 5The tender offers will expire on March 4, 2022, unless extended or terminated.
- 6Occidental reserves the right to amend, extend, withdraw, or terminate the tender offers at its discretion.