Anadarko Announces Results to Date of Cash Tender Offers; Increases Cash Tender Offers to $1.2 Billion
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HOUSTON--(BUSINESS WIRE)--Sept. 20, 2004--Anadarko Petroleum Corp.
(NYSE:APC) today announced that approximately $1.2 billion aggregate
principal amount of securities were tendered prior to 5:00 p.m. EDT on
Monday, Sept. 20, 2004 -- the Any and All Offer Expiration Date and
the Early Tender Date for the Maximum Tender Offer -- pursuant to its
previously announced cash tender offers.
In the Any and All Offer, according to information provided by
Global Bondholder Services Corporation, the Depositary Agent for the
offers, $749,715,000 aggregate principal amount of securities were
validly tendered and not withdrawn prior to the expiration of the
offer at 5:00 p.m. EDT on Sept. 20, 2004 as more fully set forth
below. Anadarko has accepted for payment all securities validly
tendered in the Any and All Offer and expects to make payment for the
securities in same-day funds on Tuesday, Sept. 21, 2004.
Anadarko is increasing its previously announced offer to purchase
approximately $1 billion aggregate principal amount to $1.2 billion of
certain debt securities under the conditions specified in the Offer to
Purchase dated Sept. 9, 2004, and has set the Maximum Tender Amount of
the Maximum Tender Offer to $450,285,000. The Maximum Tender Amount is
equal to the difference of $1.2 billion and the face amount of
securities validly tendered and accepted for payment in the Any and
All Offer. According to the Depositary Agent $448,874,000 aggregate
principal amount of securities subject to the Maximum Tender Offer
were validly tendered and not withdrawn prior to the Early Tender Date
as more fully set forth below.
The Maximum Tender Offer is scheduled to expire at 5:00 p.m. EDT,
on Oct. 6, 2004, unless extended. Holders of notes subject to the
Maximum Tender Offer who tendered and did not withdraw their notes on
or before the Early Tender Date will receive the full tender offer
consideration. Holders of notes subject to the Maximum Tender Offer
who tender their notes after the Early Tender Date and do not withdraw
their notes before the expiration date for the Maximum Tender Offer
will receive the Late Tender Offer Consideration, which is the Full
Tender Offer Consideration minus $15.00 per $1,000 principal amount of
notes tendered by such holder that are accepted for purchase. The Full
Tender Offer Consideration for each $1,000 principal amount of notes
tendered and accepted for payment pursuant to the Maximum Tender Offer
will be determined in the manner described in the Offer to Purchase by
reference to a fixed spread specified for the notes over the yield
based on the bid side price of the U.S. Treasury Security specified on
the cover page of the Offer to Purchase, as calculated by the dealer
managers at 2:00 p.m. EDT, on Monday, Oct. 4, 2004.
Percentage
Principal Principal of out-
Amount Amount standing Acceptance
Title of Outstanding tendered amount Priority
Issuer Security (US$) (US$) tendered Level
----------------------------------------------------------------------
Offer for Notes Listed Below: Any and All Offer
Anadarko 7.375% $88,115,000 $46,228,000 52.5% N/A
Canada Debentures
Corporation due May
15, 2006
Anadarko 7.000% $174,010,000 $123,369,000 70.9% N/A
Holding Notes due
Company October
15, 2006
Anadarko 5.375% $650,000,000 $507,403,000 78.1% N/A
Notes due
March 1,
2007
Anadarko 6.750% $116,285,000 $69,715,000 60.0% N/A
Holding Notes due
Company May 15,
2008
Anadarko 7.800% $11,000,000 $3,000,000 27.3% N/A
Canada Debentures
Corporation due July 2,
2008
----------------------------------------------------------------------
Aggregate
Any and All
Offer Securities $1,039,410,000 $749,715,000 72.1%
Offer for Notes Listed Below: Maximum Tender Offer
Anadarko 7.300% $84,770,000 $32,377,000 38.2% 1
Holding Notes due
Company April 15,
2009
Anadarko 6.125% $400,000,000 $227,851,000 57.0% 2
Notes due
March 15,
2012
Anadarko 5.000% $274,095,000 $188,646,000 68.8% 3
Notes due
October 1,
2012
----------------------------------------------------------------------
Aggregate
Maximum Tender
Offer Securities $758,865,000 $448,874,000 59.2%
Anadarko has retained ABN AMRO Incorporated and J. P. Morgan
Securities Inc. to serve as joint dealer managers, and Global
Bondholder Services Corporation to serve as the depositary agent and
information agent for the tender offer. Requests for documents may be
directed to Global Bondholder Services Corporation by telephone at
866-470-4300 or 212-430-3774 or in writing at 65 Broadway - Suite 74,
New York, NY, 10006. Questions regarding either offer may be directed
to either ABN AMRO at 866-409-7643 or 212-409-6255, or J. P. Morgan at
866-834-4666.
This press release is not a tender offer to purchase or a
solicitation of acceptance of the tender offer, which may be made only
pursuant to the terms of the Offer to Purchase.
Anadarko Petroleum Corporation's mission is to deliver a
competitive and sustainable rate of return to shareholders by
developing, acquiring and exploring for oil and gas resources vital to
the world's health and welfare. As of year-end 2003, Anadarko had 2.5
billion barrels of oil equivalent of reserves, making it one of the
world's largest independent exploration and production companies.
Anadarko's operational focus extends from the deepwater Gulf of
Mexico, up through Texas, Louisiana, the Mid-Continent, western U.S.
and Canadian Rockies and onto the North Slope of Alaska. Anadarko also
has significant production in Algeria, Venezuela and Qatar. For more
information about how Anadarko is bringing excellence to the surface,
please visit: http://www.anadarko.com.
This news release contains forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933 and Section 21E
of the Securities and Exchange Act of 1934. Anadarko believes that its
expectations are based on reasonable assumptions. No assurance,
however, can be given that its goals will be achieved. A number of
factors could cause actual results to differ materially from the
projections, anticipated results or other expectations expressed in
this release. While Anadarko makes these forward-looking statements in
good faith, neither Anadarko nor its management can guarantee that the
anticipated future results will be achieved. See Regulatory Matters
and Additional Factors Affecting Business in the Management's
Discussion and Analysis included in the Company's 2003 Annual Report
on Form 10-K.
CONTACT: Anadarko Petroleum Corp., Houston
Media Contacts:
Teresa Wong, 832-636-1203
teresa_wong@anadarko.com
or
Investor Contacts:
David Larson, 832-636-3265
david_larson@anadarko.com
or
Stewart Lawrence, 832-636-3326
stewart_lawrence@anadarko.com
SOURCE: Anadarko Petroleum Corp.