Each one in plain English, with the numbers worked through for a shareholder.
25 Jan 2016debt financing● Neutral
On January 19, 2016 Anadarko signed a new $2.0 billion 364-day unsecured revolving credit agreement maturing January 18, 2017, replacing the 364-day facility from June 2014 that was due to mature January 22, 2016. Terms are substantially similar, with no termination penalties and a maximum debt-to-capitalization covenant of 65%.
Effective December 14, 2015 Anadarko extended the maturity of its $3.0 billion five-year unsecured credit facility from January 23, 2020 to January 23, 2021, along with administrative changes to swingline loans. The same filing also furnished a press release with guidance on the rest of 2015, whose contents are not in the text provided.
Anadarko Petroleum Corporation, Western Gas Resources, Inc reported a ANADARKO PETROLEUM CORP shareholding of 191,087,365 shares (87.30% of votes) in a periodic institutional filing.
On June 10, 2015 Anadarko completed the sale of 8,000,000 7.50% tangible equity units at $50 each, with underwriters holding a 30-day option for 1,200,000 more. Each unit combines a contract to deliver Western Gas Equity Partners (WGP) common units by June 7, 2018 (Anadarko may deliver its own stock instead) and a 1.50% note that pays quarterly cash installments. Proceeds are for general corporate purposes. CEO Al Walker bought about $125,000 stated amount of units. Because Anadarko can choose to settle in its own stock, shareholders could be diluted (inference).
Anadarko Petroleum Corporation, Western Gas Resources, Inc, Western Gas Equity Holdings, LLC, Western Gas Equity Partners, LP, Western Gas Holdings, LLC, APC Midstream Holdings, LLC, Anadarko Marcellus Midstream, L.L.C, Anadarko E&P Onshore LLC, Anadarko Holding Company reported a ANADARKO PETROLEUM CORP shareholding of 50,053,824 shares (39.20% of votes) in a periodic institutional filing.
23 Jan 2015material agreement termination▲ GoodMajor
The Tronox settlement became final on January 21, 2015 and Anadarko paid the settlement proceeds on January 23, 2015. That met the conditions for the 2014 unsecured credit facilities ($3.0 billion five-year and $2.0 billion 364-day), and the company terminated its $5.0 billion secured revolver from 2010 with all liens released and no prepayment penalties. This resolves the Tronox litigation and the credit-facility conditions open since 2014. The filing does not state the payment amount in this document; the settlement was previously set at $5.15 billion.
On January 15, 2015 Anadarko signed dealer agreements for a $3.0 billion commercial paper program, which lets it sell unsecured short-term notes of up to 397 days. Proceeds may be used for general corporate purposes, and no notes had been issued as of the filing.
On November 14, 2014 Anadarko amended both its $3.0 billion five-year and $2.0 billion 364-day unsecured credit facilities, pushing the deadline for meeting the conditions to start borrowing from December 1, 2014 to April 1, 2015. This continues the thread from the June 2014 facilities: the Tronox payment and the release of the $5.0 billion secured facility had not happened yet, and the filing gives no reason for the extension (inference: more time was needed for the Tronox settlement to become final).
Anadarko completed a $1.25 billion senior notes offering on July 7, 2014: $625 million of 3.45% notes due 2024 and $625 million of 4.50% notes due 2044. The proceeds are for general corporate purposes; the filing does not tie them to the Tronox settlement.