OXY enters $4.7B term loan agreement to fund CrownRock acquisition

OCCIDENTAL PETROLEUM CORP /DE/

Total commitments: $2.0B 364-day tranche and $2.7B two-year tranche.
Proceeds to pay cash consideration for CrownRock acquisition, refinance Target debt, and pay fees.
Interest at Term SOFR or Alternate Base Rate plus margin based on OXY's credit ratings (112.5-225 bps for 364-day SOFR).
Commitments contingent on closing of CrownRock; commitments terminate December 10, 2024 (or later if outside date extended).
Covenant requires Total Debt to Total Capitalization ratio ≤ 0.65 to 1.00 tested quarterly.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 1.0

OCCIDENTAL PETROLEUM CORP /DE/ entered into Term Loan Agreement with Bank of America, N.A., as administrative agent, and certain financial institutions, as lenders valued at $4.7 billion (effective 2023-12-28).

Action: entry
Agreement: credit facility
Counterparty: Bank of America, N.A., as administrative agent, and certain financial institutions, as lenders
Value: $4.7 billion
Effective: 2023-12-28

Exact text from the filing

On December 28, 2023, Occidental Petroleum Corporation (“Occidental”) entered into a $4.7 billion Term Loan Agreement (the “Term Loan Agreement”) with Bank of America, N.A., as administrative agent, and certain financial institutions, as lenders

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Source: SEC EDGAR

accession 0000950157-23-001280

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