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Fitch: Apache unchanged
Fitch Ratings said it does not anticipate any ratings actions resulting from Apache Corp.'s announced $2.7 billion acquisition of Mariner Energy. The agency maintains A- issuer default and F2 short-term issuer default ratings for the company and rates its senior unsecured credit facility and senior unsecured notes A-.
The outlook is stable.
Under proposed terms of the deal, Apache would pay approximately $2.7 billion for Mariner and assume $1.24 billion in net debt for total consideration of $3.93 billion. The deal is expected to be financed with $1.9 billion in equity, $1.24 billion in assumed debt and the remainder in cash.
The agency said that from a bondholder perspective, the deal is fairly conservatively financed, although the net impact is modestly leveraging on a debt-to-barrel of oil equivalent basis.
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