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Chevron extends deadlines of offers to exchange 5.75% PDC notes
By Wendy Van Sickle
Columbus, Ohio, Aug. 14 – Chevron Corp. and Chevron U.S.A. Inc. extended the early participation date, the consent revocation deadline and the expiration date of their offer to exchange the $750 million of 5.75% senior notes due 2026 issued by PDC Energy, Inc. (Cusip: 69327RAJ0) for new notes of the same coupon and tenor issued by Chevron U.S.A. and cash, according to a news release.
The early participation date and the consent revocation deadline will now be 5 p.m. ET on Aug. 18, revised from 5 p.m. ET on Aug. 16.
The final deadline is now one minute after 11:59 p.m. ET on Sept. 1, pushed out from 5 p.m. ET on Aug. 31.
The new notes will be guaranteed by Chevron Corp.
The companies are also soliciting consents to some proposed amendments to the indenture of the existing notes.
Holders who tender their notes for exchange by the early deadline will receive, for each $1,000 principal amount, $1,000 of new notes and $1 in cash.
Holders who tender their notes after the early deadline but before the final deadline will receive $970 of new notes per $1,000 principal amount and no cash. No accrued interest will be paid in connection with the exchange offer, but the new notes will accrue interest from the most recent interest payment date of the old notes.
Under the consent solicitation, the companies are proposing to amend the PDC indenture to modify or eliminate some reporting requirements, restrictive covenants and events of default and amend some other provisions.
Barclays (800 438-3242, 212 528-7581 or us.lm@barclays.com) is the dealer manager and solicitation agent.
D.F. King & Co., Inc. (212 269-5550, 888 628-1041 or chevron@dfking.com) is the exchange agent and information agent.
The petroleum, chemical, mining, power and energy company is based in San Ramon, Calif.
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