Apache obtains $1 billion five-year revolver at Libor plus 87.5 bps

By Aleesia Forni

Columbus, Ohio, Aug. 18 - Apache Corp. entered into a new $1 billion five-year revolving credit facility, according to an 8-K filed with the Securities and Exchange Commission on Friday.

Pricing on the revolver ranges from Libor plus 67 basis points to 102.5 bps. The initial rate is Libor plus 87.5 bps.

The facility fee ranges from 8 bps to 22.5 bps and is initial 12.5 bps.

J.P. Morgan Securities LLC, Citigroup Global Markets Inc., Merrill Lynch Pierce, Fenner & Smith Inc., and Wells Fargo Securities, LLC are joint lead arrangers and joint bookrunners.

JPMorgan Chase Bank, NA is the administrative agent.

Citibank, NA, Bank of America, NA and Wells Fargo Bank, NA are syndication agents.

Proceeds may be used for general corporate purposes, including non-hostile acquisitions, or to back up Apache's commercial paper facilities.

Apache is a Houston-based energy company, focused on the exploration, development and production of natural gas and crude oil.

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