---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-24-018906"
form_type: "8-K"
ticker: "APA"
cik: "0001841666"
company_name: "APA Corp"
filed_at: "2024-01-30T23:59:59+00:00"
generated_at: "2026-06-06T15:13:35.452047+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.7
calibrated_materiality_score: 0.7
confidence: "high"
source: SEC EDGAR
---

# APA Corp enters $2.0B delayed-draw term loan to refinance Callon debt upon acquisition close

## Summary
- Credit agreement provides $1.5B 3-year tranche and $500M 364-day tranche, dated Jan 30, 2024.
- Proceeds used solely to refinance Callon's existing credit facility and its 2026 (6.375%), 2028 (8.00%), and 2030 (7.50%) senior notes.
- Covenant requires APA to maintain adjusted debt-to-capital ratio not greater than 60% at end of any fiscal quarter.
- Apache Corp (subsidiary) guarantees obligations until its senior notes outstanding fall below $1.0B; Callon may need to guarantee if $400M+ notes remain 120 days post-close.
- Credit agreement replaces a prior $2.0B bridge loan commitment letter from Jan 3, 2024.

## SEC filing metadata
- accession: 0001193125-24-018906
- form_type: 8-K
- ticker: APA
- cik: 0001841666
- company_name: APA Corp
- filed_at: 2024-01-30T23:59:59+00:00
- event_type: debt
- sentiment: neutral
- materiality_score: 0.7
- calibrated_materiality_score: 0.7
- confidence: high
- sec_items: 1.01, 2.03, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1841666/000119312524018906/0001193125-24-018906-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1841666/000119312524018906/d700731d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-24-018906
- JSON: https://secwatch.observer/filing/0001193125-24-018906.json
- Plain text: https://secwatch.observer/filing/0001193125-24-018906.txt

## Key facts
- Debt Financings
  APA Corp incurred term loan of aggregate $2.0 billion for senior unsecured delayed-draw term loans with JPMorgan Chase Bank, N.A., as administrative agent, and the lenders party thereto at base rate per annum equal to the greatest of (i) the applicable prime rate, (ii) maturing 3-Year Tranche Loans mature three years after the Closing Date; 364-Day Tranche Loans mature 364 days after the Closing Date.
  - Instrument: term loan
  - Principal: aggregate $2.0 billion for senior unsecured delayed-draw term loans
  - Counterparty: JPMorgan Chase Bank, N.A., as administrative agent, and the lenders party thereto
  - Rate: base rate per annum equal to the greatest of (i) the applicable prime rate, (ii)
  - Maturity: 3-Year Tranche Loans mature three years after the Closing Date; 364-Day Tranche Loans mature 364 days after the Closing Date
  - Event: incurrence
  source text: On January 30, 2024, APA Corporation, a Delaware corporation (“APA”), entered into a Credit Agreement among APA, as borrower, the lenders party thereto, JPMorgan Chase Bank, N.A., as administrative agent, and the other agents party thereto (the “Credit Agreement”). The lenders under the Credit Agreement have committed an aggregate $2.0 billion for senior unsecured delayed-draw term loans to APA, the proceeds of which, subject to satisfaction of certain limited conditions, APA may use to refinance certain indebtedness of Callon Petroleum Company
  evidence_url: https://www.sec.gov/Archives/edgar/data/1841666/000119312524018906/0001193125-24-018906-index.htm
- Material Agreements
  APA Corp entered into Credit Agreement with JPMorgan Chase Bank, N.A. as administrative agent and the lenders valued at $2.0 billion senior unsecured delayed-draw term loans (effective 2024-01-30).
  - Action: entry
  - Agreement: credit facility
  - Counterparty: JPMorgan Chase Bank, N.A. as administrative agent and the lenders
  - Value: $2.0 billion senior unsecured delayed-draw term loans
  - Effective: 2024-01-30
  source text: On January 30, 2024, APA Corporation, a Delaware corporation (“APA”), entered into a Credit Agreement among APA, as borrower, the lenders party thereto, JPMorgan Chase Bank, N.A., as administrative agent, and the other agents party thereto (the “Credit Agreement”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/1841666/000119312524018906/0001193125-24-018906-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.