Occidental launches exchange offer for up to $376M of CrownRock 5% notes due 2029

OCCIDENTAL PETROLEUM CORP /DE/

Occidental commenced private exchange offer for any and all outstanding $376M CrownRock 5% Senior Notes due 2029; offers new Occidental notes and cash.
Concurrent consent solicitation to amend CrownRock indenture, removing restrictive covenants and events of default; requires majority consent.
Holders tendering by Aug 1, 2024 (Early Participation Date) receive $1,000 principal of Occidental notes plus $2.50 cash per $1,000; those after receive $970 principal.
Exchange offer and consent solicitation conditioned on closing of CrownRock acquisition, expected in August 2024.
New Occidental notes will have same interest rate (5%), maturity (2029), and redemption terms as CrownRock notes; interest payments preserved.

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