APA Corp. announces early results of private exchange offers

APA Corporation announced the early results as of 5:00 p.m., New York City time, on December 16, 2024 of the previously announced offers to exchange any and all validly tendered and accepted notes and debentures listed in the table below issued by Apache Corporation, its wholly-owned subsidiary, for new notes to be issued by APA, offers to purchase for cash up to $1,000,000,000 aggregate principal amount of any and all validly tendered and accepted Apache Notes of certain series, and solicitations of consents to certain proposed amendments to the applicable indenture under which each series of Apache Notes was issued. Additionally, APA announced that the date by which Eligible Holders must validly tender their Apache Notes to receive the Exchange Total Consideration or the Tender Total Consideration, as applicable, for each Offer has been extended to 5:00 p.m., New York City time, on December 20, 2024. The Offers and Consent Solicitations will now expire at 5:00 p.m., New York City time, on January 7, 2025, and the Offers are now expected to settle on January 10, 2025. APA also announced that it has waived the condition for the receipt of the Requisite Consents to the Proposed Amendments for those Offers pursuant to which such condition has not been met. Previously, acceptance for exchange or payment of any Apache Notes of a series in the Offers was conditioned upon the receipt and acceptance of the Requisite Consents for such series. In addition, APA announced that the payment of each series of the APA Notes issued in the Exchange Offers will be guaranteed by Apache on substantially the same terms as the guarantees under APA’s 2022 syndicated credit facilities, including that such guarantees will be effective until the first time that the aggregate principal amount of indebtedness under senior notes and debentures outstanding under Apache’s existing indentures is less than $1,000,000,000; provided that if the aggregate principal amount of such indebtedness is less than $1,000,000,000 as of the Settlement Date giving effect to settlement of the Offers, then the reason for such guarantees would have ceased to exist and no guarantees would be issued upon such settlement.