ConocoPhillips and its wholly-owned subsidiary ConocoPhillips Company are bumping up their cash tender offer to more than $1 billion.
The companies are increasing the purchase price to $1.1 billion from $750 million.
This increase in the Maximum Aggregate Purchase Price matches the expected aggregate gross proceeds from the concurrent public offering of CPCo senior debt securities priced earlier today that will be used to finance purchases made in the Tender Offer.
The Tender Offer is for the purchase of the outstanding notes listed in the table below in the order of priority shown in the table below. Other than the upsize of the Maximum Aggregate Purchase Price, no other terms of the Tender Offer have changed.
The terms and conditions of the Tender Offer are described in an Offer to Purchase dated May 9, 2023. The Tender Offer is subject to the satisfaction of certain conditions as set forth in the Offer to Purchase, including the receipt of aggregate gross proceeds of at least $750.0 million from the concurrent public offering of senior debt securities issued by CPCo and guaranteed by COP, on or prior to the Early Settlement Date on terms acceptable to COP.
The Tender Offer will expire one minute after 11:59 p.m., New York City time, on June 6, 2023, unless extended or earlier terminated. In order to receive the applicable Total Tender Offer Consideration, holders of Notes subject to the Tender Offer must validly tender and not validly withdraw their Notes before the Early Tender Deadline, which is 5:00 p.m., New York City time, on May 22, 2023, unless extended.