secwatch.observer — SEC 8-K summary
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Issuer:     APACHE CORP (—)
CIK:        0000006769
Form:       8-K
Filed at:   2024-01-30T23:59:59+00:00
Accession:  0001193125-24-018915
Event type: debt
Sentiment:  neutral
Materiality: 0.75
Item codes: 1.01, 2.03, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Apache Corp guarantees $2.0B credit facility for APA's acquisition of Callon Petroleum
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- $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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/6769/000119312524018915/0001193125-24-018915-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/6769/000119312524018915/d760841d8k.htm
  HTML page:      https://secwatch.observer/filing/0001193125-24-018915

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