APACHE CORP: debt financing — Apache Corp guarantees $2.0B credit facility for APA's acquisition of Callon Petroleum

APACHE CORP

$2.0B unsecured delayed-draw term loan: $1.5B 3-year and $500M 364-day tranches, proceeds to refinance Callon debt.
Apache's guaranty effective until its senior notes outstanding fall below $1.0B; APA must prepay unused borrowings within 120 days of closing.
Financial covenant requires adjusted debt-to-capital ratio ≤ 60%; negative covenants include lien restrictions and merger limitations.
Interest margins tied to long-term debt rating: Base Rate Margin 0.625%-1.375%, Applicable Margin 1.625%-2.375% for 3-year tranche.
Ticking fee of 0.225% per annum on undrawn commitments starting 90 days after Jan 3, 2024.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

APACHE CORP incurred credit facility of $2.0 billion with JPMorgan Chase Bank, N.A., as administrative agent maturing Three years after the Closing Date for the 3-Year Tranche Loans, 364 days after the Closing Date for the 364-Day Tranche Loans.

Instrument: credit facility
Principal: $2.0 billion
Counterparty: JPMorgan Chase Bank, N.A., as administrative agent
Maturity: Three years after the Closing Date for the 3-Year Tranche Loans, 364 days after the Closing Date for the 364-Day Tranche Loans
Event: incurrence

Exact text from the filing

senior notes and debentures outstanding under Apache’s existing indentures first is less than $1.0 billion. 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

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Source: SEC EDGAR

accession 0001193125-24-018915

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