8-KOther EventsExhibits & Filings

EXXON MOBIL CORP 8-K Report, Corporate Update (Jun 26, 2020)

Filed June 26, 2020For Securities:XOM

Summary

Exxon Mobil Corporation (XOM) announced on June 26, 2020, that it had entered into an underwriting agreement to issue and sell a significant amount of debt in Euros. This issuance includes €1.5 billion in 0.142% Notes due 2024, €1 billion in 0.524% Notes due 2028, €1 billion in 0.835% Notes due 2032, and €1 billion in 1.408% Notes due 2039, totaling €4.5 billion. The notes were offered under the company's existing Form S-3 registration statement and were facilitated by a supplemental indenture and an officer's certificate. This debt issuance indicates ExxonMobil's proactive approach to managing its capital structure and potentially securing financing at favorable interest rates during a period of market activity. Investors should note the specific interest rates and maturity dates of these notes, as they represent a new layer of the company's long-term debt obligations. The filing provides detailed documentation regarding the underwriting agreement, supplemental indenture, and legal opinions, offering transparency into the terms of this financing event.

Key Highlights

  • 1ExxonMobil issued €4.5 billion in aggregate principal amount of senior notes across four different maturities.
  • 2The notes issued include maturities in 2024, 2028, 2032, and 2039, with coupon rates ranging from 0.142% to 1.408%.
  • 3The debt was issued under ExxonMobil's existing Shelf Registration Statement on Form S-3 filed on March 10, 2020.
  • 4The issuance was completed through an underwriting agreement with several underwriters.
  • 5The transaction involved a First Supplemental Indenture and an Officer's Certificate to establish the terms of the notes.
  • 6Key legal documents, including the underwriting agreement, supplemental indenture, and legal opinions, are filed as exhibits.

Frequently Asked Questions

ExxonMobil issued new debt to manage its capital structure, potentially refinance existing obligations, and ensure access to liquidity. The specific use of proceeds is not detailed in this 8-K, but such issuances are common for large corporations to fund operations, capital expenditures, or other corporate purposes.

The notes have the following terms: €1.5 billion of 0.142% Notes due 2024, €1 billion of 0.524% Notes due 2028, €1 billion of 0.835% Notes due 2032, and €1 billion of 1.408% Notes due 2039.

ExxonMobil issued a total of €4.5 billion in aggregate principal amount across the four tranches of notes.

The detailed terms are established through the Underwriting Agreement (Exhibit 1.1), the First Supplemental Indenture (Exhibit 4.2), and the Officer's Certificate (Exhibit 4.3), which are filed as exhibits to this 8-K filing and incorporated by reference into the company's Registration Statement.