Apache Corp. to sell $1 billion notes in two tranches on Tuesday

By Paul A. Harris

Portland, Ore., Aug. 3 – Apache Corp. plans to price $1 billion of high-yield notes (Ba1/BB+) in two bullet tranches on Tuesday, according to market sources.

The deal includes five-year notes with early guidance of 5% to 5¼% and seven-year notes with early guidance of 5 3/8% to 5 5/8%.

J.P. Morgan Securities LLC is the lead.

The Houston-based oil and gas exploration and production company plans to use the proceeds to fund tender offers to purchase notes from seven series.

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