Part of the $7 billion Apache Corp. (NYSE:APA) needs to acquire oil and gas assets from BP (NYSE:BP) will be raised by selling $500 million or above worth of 30-year bonds today.
Apache was required to pay $5 billion as a deposit to BP by July 30, and the other $2 billion in the latter part of 2010. The deal is still subject to being cleared by regulators.
The company will use the sale of the bonds to help pay for a bridge facility they used to close the deal on assets held by BP in America, including the Permian Basin and properties in New Mexico.
Other BP assets acquired by Apache are located in Canada and Egypt.
Apache will us cash on hand, commercial paper, common stock, revolving credit facilities and depository shares to finance the other assets they're buying from BP.
The company has made three separate major acquisitions this year totaling about $12 billion.
3 comments:
are you Bullish on stocks??
Stocks are extremely cheap
too much money spent
BP should work fine, duplicator
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