backKing & Spalding advised ConocoPhillips in a pair of transactions designed to manage several upcoming debt maturities.
On May 23, 2023, ConocoPhillips completed a registered offering of an aggregate $1.1 billion of 5.300% notes due 2053 issued by ConocoPhillips Company and guaranteed by ConocoPhillips. All proceeds from the offering were used to fund the cash tender offer described below.
On May 25, 2023, ConocoPhillips and its subsidiary ConocoPhillips Company completed a cash tender offer to purchase approximately $1.1 billion of outstanding debt securities issued by ConocoPhillips and ConocoPhillips Company. The tender offer was initially launched to purchase debt securities for a total purchase price of $750 million across seven tranches of outstanding debt. However, the size of the tender offer was immediately increased due to the success of the related registered notes offering.
ConocoPhillips is an independent E&P company headquartered in Houston, Texas with operations and activities in 13 countries. Its diverse, low cost of supply portfolio includes resource-rich unconventional plays in North America; conventional assets in North America, Europe and Asia; LNG developments; oil sands in Canada; and an inventory of global conventional and unconventional exploration prospects.
The King & Spalding team advising on the matter included Keith Townsend, Zach Cochran, John Morris, Philip Rizik and Corey Purnell, with support from John Sweet and Andrew Todd on tax matters.