Occidental restates $4 billion revolver for 2028 maturity date

By Wendy Van Sickle

Columbus, Ohio, Feb. 5 – Occidental Petroleum Corp. entered into a third amended and restated credit agreement on Feb. 2 with JPMorgan Chase Bank, NA as administrative agent to extend the maturity by three years to June 20, 2028, among other things, according to an 8-K filing with the Securities and Exchange Commission.

Borrowings under the $4 billion revolver bear interest at term adjusted term SOFR plus a margin ranging from 100 basis points to 190 bps, based upon the long-term unsecured senior, non-credit enhanced debt ratings of Occidental.

A facility fee will range from 12.5 bps to 35 bps, also based on ratings.

The interest rate margin and the facility fee rates may be subject to adjustments for certain periods based on Occidental’s performance on specified sustainability targets.

Occidental must maintain a maximum total debt to total capitalization ratio of 0.65 times.

JPMorgan, BofA Securities, Inc., HSBC Securities (USA) Inc., MUFG Bank, Ltd., RBC Capital Markets, Standard Chartered Bank, Sumitomo Mitsui Banking Corp., TD Securities (USA) LLC and Wells Fargo Securities, LLC are the lead arrangers and bookrunners.

Bank of America, NA is the syndication agent.

Citibank, HSBC Bank USA, NA, MUFG, Royal Bank of Canada, Standard Chartered, Sumitomo Mitsui, Toronto-Dominion Bank, New York Branch and Wells Fargo Bank, NA are the documentation agents.

HSBC and TD Securities are the sustainability structuring agents.

The credit agreement amends and restates Occidental’s amended and restated credit agreement dated June 3, 2019 with JPMorgan as administrative agent.

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

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