Apache Redeems $100
Million, 5.68% Cumulative Preferred Stock, Series B, and Depositary Shares
HOUSTON, Nov 27, 2009
/PRNewswire-FirstCall via COMTEX News Network/ -- Apache Corporation (NYSE:
APA) announced today that it has elected to redeem all $100 million of its
outstanding 5.68% Cumulative Preferred Stock, Series B, no par value per
share (the "Series B Preferred Stock"), on Dec. 30, 2009 (the
"Series B Redemption Date").
Apache has also
authorized Wells Fargo Bank, N.A., as Depositary under the Deposit Agreement
dated as of Aug. 25, 1998, to simultaneously redeem all of its Depositary
Shares each representing one-tenth of one share of Series B Preferred Stock
(CUSIP 037411 40 2) (the "Depositary Shares") on Dec. 30, 2009 (the
"Depositary Shares Redemption Date"). The Depositary Shares, which
were issued in book entry form, are not listed on a stock exchange.
Apache ended the third
quarter with $1.4 billion in cash on its balance sheet, and debt was 25
percent of total capitalization. By redeeming the $100 million, 5.68% Series
B Preferred Stock with cash that is currently invested in short-term U.S.
government securities, Apache will further reduce its average cost of funds.
The Series B Preferred Stock will be redeemed at a redemption
price of $1,000 per share, plus $9.47 in accrued and unpaid dividends,
through the Series B Redemption Date, for an aggregate redemption price of
$1,009.47 per share of Series B Preferred Stock. The Depositary Shares will
be redeemed at a redemption price of $100 per share, plus $0.947 in accrued
and unpaid dividends, through the Depositary Shares Redemption Date, for an
aggregate redemption price of $100.947 per Depositary Share. The Depositary
Shares will be redeemed from the proceeds received by the Depositary
resulting from the redemption of the Series B Preferred Stock.
Any questions about the redemption of the Depositary Shares or
the Series B Preferred Stock should be directed to Wells Fargo Bank, N.A. by
telephone at 1-800-468-9716 or at one of the following addresses:
By Mail to: By Overnight Courier or Hand Delivery:
Wells Fargo Bank, N.A. Wells Fargo Bank, N.A.
Corporate Actions Department Corporate Actions Department
P.O. Box 64858 161 North Concord Exchange
St. Paul, MN 55164-0858 South St. Paul, MN 55075
Apache Corporation is an oil and gas exploration and production
company with operations in the United States, Canada, Egypt, the United
Kingdom North Sea, Australia and Argentina.
(Web site): www.apachecorp.com
APA-F
SOURCE Apache Corporation
http://www.apachecorp.com