Occidental gives tender results, increases offer cap to $2.82 billion

By Rebecca Melvin

Concord, N.H., March 9 – Occidental Petroleum Corp. announced the results of its Feb. 28 offer to purchase senior notes from two pools, and the company increased the maximum purchase price to up $2.82 billion from up to $2.5 billion, according to a press release on Wednesday.

The company has accepted for purchase all of the notes tendered by the expiration of the offer at 5 p.m. ET on March 4.

Pool 1

From the first pool, Occidental is offering to buy notes from eight series, up to a maximum purchase price of $1,527,015,840, increased from $1.5 billion.

The company accepted the following notes, listed by acceptance priority level:

• $184,292,000 3½% senior notes due 2025 (Cusip: 674599CG8) from $326,134,000 outstanding for $188,438,570, or $1,022.50 per note;

• $167,629,000 3.2% senior notes due 2026 (Cusip: 674599CR4) from $797,367,000 outstanding for $168,048,072.50, or $1,002.50 per note;

• $125,115,000 3.4% senior notes due 2026 (Cusip: 674599CH6) from $778,621,000 outstanding for $125,427,787.50, or $1,002.50 per note;

• $551.92 million 3½% senior notes due 2029 (Cusip: 674599CS2) from $1,477,217,000 outstanding for $553,299,800, or $1,002.50 per note;

• $108 million 3% senior notes due 2027 (Cusip: 674599CM5) from $634,357,000 outstanding for $106.65 million, or $987.50 per note;

• $270,736,000 2.9% senior notes due 2024 (Cusip: 674599CW3) from $948,951,000 outstanding for $273,104,940, or $1,008.75 per note;

• $15,306,000 3.45% senior notes due 2024 (Cusip: 674599DA0) from $111,647,000 outstanding for $15,573,855, or $1,017.50 per note; and

• $95,636,000 2.7% senior notes due 2023 (Cusip: 674599CE3) from $442,195,000 outstanding for $96,472,815, or $1,008.75 per note.

Pool 2

In the second pool, the company boosted its offer to up to $1,289,817,270 from $1 billion. The company accepted the following notes, listed by acceptance priority level:

• $115,267,000 4.1% senior notes due 2047 (Cusip: 674599CL7) from $663,045,000 outstanding for $107,198,310, or $930 per note;

• $225,314,000 4.2% senior notes due 2048 (Cusip: 674599CN3) from $960,999,000 outstanding for $211,795,160, or $940 per note;

• $211,515,000 4.4% senior notes due 2049 (Cusip: 674599CY9) from $703,962,000 outstanding for $201,468,037.50, or $952.50 per note;

• $138,760,000 4.3% senior notes due 2039 (Cusip: 674599CX1) from $692,848,000 outstanding for $132,862,700, or $957.50 per note;

• $277,796,000 4.4% senior notes due 2046 (Cusip: 674599CJ2) from $976,366,000 outstanding for $270,156,610, or $972.50 per note;

• $193,304,000 4½% senior notes due 2044 (Cusip: 674599DK8) from $606,072,000 outstanding for $187,988,140, or $972.50 per note; and

• $181,525,000 4 5/8% senior notes due 2045 (Cusip: 674599CF0) from $634,169,000 outstanding for $178,348,312, or $982.50 per note.

All of the considerations in both pools are based on par of $1,000 notes.

Settlement is scheduled for March 9.

There are guaranteed delivery procedures for the tender offer.

BofA Securities, Inc. (980 388-3646, 888 292-0070, debt_advisory@bofa.com), HSBC Securities (USA) Inc. (888 HSBC-4LM, 212 525-5552, lmamericas@us.hsbc.com), SMBC Nikko Securities America, Inc. (888 284-9760, 212 224-5328, liabilitymanagement@smbcnikkosi.com), SG Americas Securities, LLC (212 278-7532, us-glfi-syn-cap@sgcib.com) and TD Securities (USA) LLC (866 584-2096, 212 827-7795, lm@tdsecurities.com) are the lead dealer managers.

Global Bondholder Services Corp. (https://www.gbsc-usa.com/oxy) is the tender agent and information agent.

Occidental is a Houston oil and gas, chemical and midstream company.

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