APA (APA) has released an update to notify the public and investors about an entry into a material definitive agreement.
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APA Corporation entered into a $2.0 billion Credit Agreement to facilitate senior unsecured delayed-draw term loans, primarily to refinance existing Callon Petroleum Company debt upon APA’s acquisition of Callon. The agreement includes two tranches of term loans with different maturity dates; one set matures three years post-closing, and the other matures 364 days post-closing. The loans are subject to specific conditions and can only be used to refinance Callon’s indebtedness and related fees and expenses. APA’s subsidiary, Apache Corporation, has guaranteed the obligations, with the possibility of a guarantee by Callon if certain conditions are met post-closing.
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For a comprehensive understanding of the announcement, you can read the full document here.