A $4 billion cash tender offer was announced this week by ConocoPhillips as it attempts to sell the debt securities of Marathon Oil Corporation, the firm it just acquired.
The offer by ConocoPhillips Company, a wholly-owned subsidiary of COP included “any and all of Marathon Oil Corporation’s debt securities.”
Any and All of the Outstanding Securities Listed Below (collectively, the “Any and All Notes”):
| Title of Security | CUSIP / ISIN | Issuer | Aggregate Principal Amount Outstanding | Reference U.S. Treasury Security(2) | Fixed Spread (basis points)(2)(3) |
| 4.400% Senior Notes due 2027 | 565849AP1 / US565849AP16 | Marathon | $1,000,000,000 | 4.125% U.S. Treasury due November 15, 2027 | 35 |
| 5.300% Senior Notes due 2029 | 565849AQ9 / US565849AQ98 | Marathon | $600,000,000 | 4.125% U.S. Treasury due October 31, 2029 | 40 |
| 6.800% Senior Notes due 2032 | 565849AB2 / US565849AB20 | Marathon | $550,000,000 | 4.250% U.S. Treasury due November 15, 2034 | 50 |
| 5.700% Senior Notes due 2034 | 565849AR7 / US565849AR71 | Marathon | $600,000,000 | 4.250% U.S. Treasury due November 15, 2034 | 55 |
| 6.600% Senior Notes due 2037 | 565849AE6 / US565849AE68 | Marathon | $750,000,000 | 4.250% U.S. Treasury due November 15, 2034 | 90 |
| 5.200% Senior Notes due 2045 | 565849AM8 / US565849AM84 | Marathon | $500,000,000 | 4.625% U.S. Treasury due November 15, 2044 | 80 |
Up to $4,000,000,000 Combined Aggregate Purchase Price of the Outstanding Securities Listed Below (collectively, the “Maximum Offer Notes”) less the Aggregate Purchase Price of the Any and All Notes Validly Tendered and Accepted for Purchase in the Priority Listed Below:
| Title of Security | CUSIP / ISIN | Issuer | Aggregate Principal Amount Outstanding | Acceptance Priority Level(1) | Reference U.S. Treasury Security(2) | Fixed Spread (basis points)(2)(3) | |||||||||
| 7.800% Debentures due 2027 | 891490AR5 /
US891490AR57 |
CPCo | $203,268,000 | 1 | 4.125% U.S. Treasury due November 15, 2027 | 30 | |||||||||
| 7.000% Debentures due 2029 | 718507BK1 / US718507BK18 | CPCo | $112,493,000 | 2 | 4.125% U.S. Treasury due October 31, 2029 |
30 | |||||||||
| 7.375% Senior Notes due 2029 | 122014AL7 / US122014AL76 | Burlington Resources LLC | $92,184,000 | 3 | 4.125% U.S. Treasury due October 31, 2029 |
30 | |||||||||
| 6.950% Senior Notes due 2029 | 208251AE8 / US208251AE82 | CPCo | $1,195,359,000 | 4 | 4.125% U.S. Treasury due October 31, 2029 |
30 | |||||||||
| 8.125% Senior Notes due 2030 | 891490AT1 / US891490AT14 | CPCo | $389,580,000 | 5 | 4.125% U.S. Treasury due October 31, 2029 |
30 | |||||||||
| 7.400% Senior Notes due 2031 | 12201PAN6 / US12201PAN69 | Burlington Resources LLC | $382,280,000 | 6 | 4.250% U.S. Treasury due November 15, 2034 | 40 | |||||||||
| 7.250% Senior Notes due 2031 | 20825UAC8 / US20825UAC80 | Burlington Resources Oil & Gas Company L.P. | $400,328,000 | 7 | 4.250% U.S. Treasury due November 15, 2034 | 45 | |||||||||
| 7.200% Senior Notes due 2031 | 12201PAB2 / US12201PAB22 | Burlington Resources LLC | $446,574,000 | 8 | 4.250% U.S. Treasury due November 15, 2034 | 45 | |||||||||
| 5.900% Senior Notes due 2032 | 20825CAF1 / US20825CAF14 | ConocoPhillips | $504,700,000 | 9 | 4.250% U.S. Treasury due November 15, 2034 | 45 | |||||||||
| 5.950% Senior Notes due 2036 | 20825VAB8 / US20825VAB80 | Burlington Resources LLC | $326,321,000 | 10 | 4.250% U.S. Treasury due November 15, 2034 | 80 | |||||||||
| 5.900% Senior Notes due 2038 | 20825CAP9 / US20825CAP95 | ConocoPhillips | $350,080,000 | 11 | 4.250% U.S. Treasury due November 15, 2034 | 90 | |||||||||
| 5.950% Senior Notes due 2046 | 20826FAR7 / US20826FAR73 | CPCo | $328,682,000 | 12 | $4.625% U.S. Treasury due November 15, 2044 | 85 | |||||||||
| 6.500% Senior Notes due 2039 | 20825CAQ7 / US20825CAQ78 | ConocoPhillips | $1,587,744,000 | 13 | 4.250% U.S. Treasury due November 15, 2034 | 9 | |||||||||