ConocoPhillips (NYSE: COP) has recently announced the early results of its cash tender offers and consent solicitations for its wholly-owned subsidiary, ConocoPhillips Company (CPCO). The company has amended the offers by increasing the maximum offer reference amount from $4,000,000,000 to an amount sufficient to accept for purchase all notes with acceptance priority levels 1-7.
As of the early tender deadline, approximately $2.67 billion aggregate principal amount of any and all notes were validly tendered and not validly withdrawn, and approximately $2.28 billion aggregate principal amount of maximum offer notes were validly tendered and not validly withdrawn.
Regarding the priority levels, it is expected that all validly tendered 7.800% debentures due 2027, 7.000% debentures due 2029, 7.375% senior notes due 2029, 6.950% senior notes due 2029, 8.125% senior notes due 2030, 7.400% senior notes due 2031, and 7.250% senior notes due 2031 will be accepted for purchase.
The settlement date for notes validly tendered and not validly withdrawn on or prior to the early tender deadline and accepted for purchase is expected to be December 12, 2024, the third business day after the early tender deadline.
The offers and consent solicitations are being made pursuant to and are subject to the terms and conditions set forth in the offer to purchase dated November 25, 2024, and the financing condition for the offers has been satisfied.
ConocoPhillips is known for its globally diversified asset portfolio with operations and activities in 13 countries, $97 billion of total assets, and approximately 10. As a result of these announcements, the company's shares have moved -0.8% on the market, and are now trading at a price of $102.36. If you want to know more, read the company's complete 8-K report here.
