ConocoPhillips Unit Launches Exchange Offers for Outstanding Marathon Oil Notes

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ConocoPhillips (COP) said Monday that its ConocoPhillips Company unit launched offers, expiring Dec. 24, to exchange all outstanding notes issued by Marathon Oil (MRO) for up to $4 billion aggregate principal amount of new notes issued by the unit.

In connection with the exchange offers, Marathon Oil is soliciting consent from noteholders for proposed amendments to each of the notes' governing indentures, including the elimination of covenants, restrictive provisions, and events of default, according to the statement.

The exchange offers and consent solicitations follow ConocoPhillips' acquisition of Marathon Oil, which closed Friday.

ConocoPhillips Company also launched concurrent cash tender offers to purchase several series of debt securities issued by its parent company and subsidiaries, according to the statement.

ConocoPhillips said its unit has commenced a public offering of senior debt securities to raise funds that will be used to purchase all existing Marathon Oil notes on the assigned settlement date and other debt securities tendered under its unit's concurrent cash tender offers.

Shares of ConocoPhillips were down nearly 3% in recent trading.

Price: 108.72, Change: -3.03, Percent Change: -2.71

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