PDC Bondholders Push Back on Chevron Debt Swap Offer After Tie-Up

Bloomberg2023-08-12

(Bloomberg) -- A substantial majority of PDC Energy Inc.’s bondholders say they won’t tender their bonds following the company’s acquisition by Chevron Corp. because the compensation for the swap is ...

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overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nPDC Bondholders Push Back on Chevron Debt Swap Offer After Tie-Up\n</h2>\n\n<h4 class=\"meta\">\n\n\n2023-08-12 01:39 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/pdc-bondholders-push-back-chevron-173934876.html><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>(Bloomberg) -- A substantial majority of PDC Energy Inc.’s bondholders say they won’t tender their bonds following the company’s acquisition by Chevron Corp. because the compensation for the swap is ...</p>\n\n<a href=\"https://finance.yahoo.com/news/pdc-bondholders-push-back-chevron-173934876.html\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"BK4550","symbol_name":"红杉资本持仓","start_time":0,"source_url":"https://finance.yahoo.com/news/pdc-bondholders-push-back-chevron-173934876.html","article_id":"2358506293","we_media_id":null,"thumbnails":["https://s.yimg.com/uu/api/res/1.2/duT6lf7kldVKRue3fXTs9w--~B/aD02NzU7dz0xMjAwO2FwcGlkPXl0YWNoeW9u/https://media.zenfs.com/en/bloomberg_markets_842/6a6289f31f528bba3b02c93e05fe9c09"],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2358506293","pubTimestamp":1691775574,"columns":[],"sourceInfo":{"source_id":"yahoofinance","name":"雅虎金融"},"weMediaInfo":null,"summary":" -- A substantial majority of PDC Energy Inc.’s bondholders say they won’t tender their bonds following the company’s acquisition by Chevron Corp. because the compensation for the swap is too low, according to people with knowledge of the matter.Retirees Face $17,400 Cut to Social Security Benefits in 2033. Jeff Bezos Buys $68 Million Home on Florida’s Exclusive Indian Creek Island. The noteholders organized earlier this week with help of the Credit Roundtable, an investor advocacy group. Barclays Plc, which is advising Chevron on the debt exchange, has been notified, said the people, who asked not to be identified because the discussions are private.Chevron last week offered to exchange PDC’s 5.75% notes due 2026 for new notes with the same coupon and maturity issued by one of its units. Bondholders who agree to participate by an early deadline of Aug. 16 can receive $1,001 of new Chevron notes for every $1,000 of PDC debt they turned in.From Pepperoni Math to Nepo Babies, Summer Is f","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"BK4550":"红杉资本持仓","LU0234572021.USD":"高盛美国核心股票组合Acc","BK4588":"碎股","LU0320765646.SGD":"FTIF - Franklin Income A MDIS SGD-H1","LU1066051498.USD":"HSBC GIF GLOBAL EQUITY VOLATILITY FOCUSED \"AM2\" (USD) INC","LU1066053197.SGD":"HSBC GIF GLOBAL EQUITY VOLATILITY FOCUSED \"AM3\" (SGDHDG) INC","BK4581":"高盛持仓","CVX":"雪佛龙","LU0868494617.USD":"UBS (LUX) EQUITY SICAV - US TOTAL YIELD SUSTAINABLE \"P\" (USD) ACC","LU0300736492.USD":"FRANKLIN NATURAL RESOURCES \"A\" (USD) INC","LU0122376428.USD":"贝莱德世界能源基金A2","LU0300736062.USD":"FRANKLIN NATURAL RESOURCES \"A\" (USD) ACC","PDCE":"PDC Energy","LU2133065610.SGD":"JPMorgan Investment Funds - Global Dividend A (mth) SGD","BK4201":"综合性石油与天然气企业","LU0256863811.USD":"ALLIANZ US EQUITY \"A\" INC","LU1496350171.SGD":"FRANKLIN DIVERSIFIED BALANCED \"A\" (SGDHDG) ACC","LU1280957306.USD":"THREADNEEDLE (LUX) US CONTRARIAN CORE EQUITIES \"AUP\" (USD) INC","LU1496350502.SGD":"FRANKLIN DIVERSIFIED DYNAMIC \"A\" (SGDHDG) ACC","LU0456854461.SGD":"JPMorgan Funds - Global Natural Resources A (acc) SGD","BK4570":"地缘局势概念股","LU0266512127.USD":"摩根大通环球自然资源 A(acc)","LU0368265418.SGD":"Blackrock World Energy Fund A2 SGD-H","BK4585":"ETF&股票定投概念","BK4534":"瑞士信贷持仓","LU0417517546.SGD":"Allianz US Equity Cl AT Acc SGD","LU2237438978.USD":"Amundi Funds US Pioneer A2 (C) USD","LU0098860793.USD":"FRANKLIN INCOME \"A\" INC","BK4566":"资本集团","LU1162221912.USD":"FRANKLIN INCOME \"A\" (USD) ACC","LU0640476718.USD":"THREADNEEDLE (LUX) US CONTRARIAN CORE EQ \"AU\" (USD) ACC","BK4559":"巴菲特持仓"},"translate_title":"PDC债券持有人在捆绑后推迟雪佛龙债务互换要约","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"CVX":1,"PDCE":0.9},"content_text":"(Bloomberg) -- A substantial majority of PDC Energy Inc.’s bondholders say they won’t tender their bonds following the company’s acquisition by Chevron Corp. because the compensation for the swap is too low, according to people with knowledge of the matter. \nMost Read from Bloomberg\n\nBiden Fears China Economy Is ‘Ticking Time Bomb’\nRetirees Face $17,400 Cut to Social Security Benefits in 2033\nJeff Bezos Buys $68 Million Home on Florida’s Exclusive Indian Creek Island\nMaui Fires Show Climate Change’s Ugly Reach\nMaui Now Looks a Lot Less Like Paradise\n\nThe noteholders organized earlier this week with help of the Credit Roundtable, an investor advocacy group. Barclays Plc, which is advising Chevron on the debt exchange, has been notified, said the people, who asked not to be identified because the discussions are private. \nChevron last week offered to exchange PDC’s 5.75% notes due 2026 for new notes with the same coupon and maturity issued by one of its units. Bondholders who agree to participate by an early deadline of Aug. 16 can receive $1,001 of new Chevron notes for every $1,000 of PDC debt they turned in. \nThe compensation falls short of the 101 cents on the dollar level that’s often required by bond documentation following a “change of control” like an acquisition. Under the terms of PDC’s bonds, the Chevron deal didn’t trigger the change of control clause because the debt wasn’t downgraded, according to materials from the Credit Roundtable.\nA representative for Chevron declined to comment, while a representative for Barclays didn’t respond to requests for comment. \nThe PDC notes traded at 100.625 cents on the dollar on Thursday, according to Trace. \nThe offer from Chevron would also require bondholders to agree to eliminate certain reporting requirements and investor protections known as covenants. The creditor group believes it should receive additional compensation to agree to those conditions, the people said. \n“On Monday, August 7th, the Credit Roundtable working with Houlihan Lokey issued a Corporate Action Alert to provide members and market participants a summary of an Exchange Offer and Consent Solicitation related to Chevron Corporation, Chevron U.S.A., and PDC Energy, Inc. The Alert in part sparked a material response from existing holders,” a representative for the Credit Roundtable said in a separate statement. \nA representative for Houlihan Lokey didn’t immediately respond to a request for comment. \nChevron in May agreed to purchase PDC in an all-stock deal valued at $6.3 billion. The acquisition of the Denver-based oil and natural gas producer closed this week and is part of an effort to expand its drilling in Colorado’s Denver-Julesburg basin.\n--With assistance from Kevin Crowley.\nMost Read from Bloomberg Businessweek\n\nIs the Airbnb Dream Dead?\nWhen $1,600 a Night Is a Good Price for a Hotel\nWhen the Whole Town Is Out of Office\nFrom Pepperoni Math to Nepo Babies, Summer Is for Interns\nThe Procrastinator’s Paradox\n\n©2023 Bloomberg L.P.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.3","shortVersion":"4.29.3","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2358506293"}