Apache to Offer 21 Million Shares of Common Stock and $1.1 Billion of Mandatory Convertible Preferred Stock
HOUSTON, July 20, 2010 /PRNewswire via COMTEX News Network/ -- Apache Corporation (NYSE: APA) today announced that it is commencing a registered underwritten public offering of 21 million shares of its common stock. Concurrently with the common stock offering, Apache is commencing a separate registered underwritten public offering of $1.1 billion of mandatory convertible preferred stock consisting of 22 million depositary shares, each of which represents a 1/20th interest in a share of Apache's Mandatory Convertible Preferred Stock, Series D, with an initial liquidation preference of $1,000 per share (equivalent to $50 liquidation preference per depositary share). Apache will grant the underwriters a 30-day option to purchase up to 3.15 million additional shares of its common stock and up to 3.3 million additional depositary shares. The offering of common stock is not contingent upon the offering of the depositary shares, and the offering of the depositary shares is not contingent upon the offering of the common stock.
Goldman, Sachs & Co., BofA Merrill Lynch, Citi and J.P. Morgan will act as joint book-running managers for the offerings.