Bernstein Litowitz Berger & Grossmann LLP Announces Pendency and Proposes Settlement of Anadarko Petroleum Corp. Class Action Litigation
Jul 14 14
Bernstein Litowitz Berger & Grossmann LLP announced pendency and proposed settlement of in re Anadarko Petroleum Corp. class action litigation. All persons and entities who, during the period between June 12, 2009 and June 9, 2010 inclusive, purchased or otherwise acquired the common stock or any of the other publicly-traded securities of Anadarko (Anadarko Securities) and were injured thereby. Pursuant to Rule 23 of the Federal Rules of Civil Procedure and an order of the United States District Court for the Southern District of Texas, that the above-captioned litigation has been certified as a class action on behalf of the settlement class, except for certain persons and entities who are excluded from the settlement class by definition as set in the full printed Notice of (I) pendency of class action and proposed settlement; (II) settlement fairness hearing; and (III) motion for an award of attorneys' fees and reimbursement of litigation expenses. Lead plaintiffs in the action have reached a proposed settlement of the action for $12,500,000 in cash, that, if approved, will resolve all claims in the action. A hearing will be held on September 11, 2014 before the Honorable Keith P. Ellison at the United States District Court for the Southern District of Texas, United States Courthouse, Courtroom 3A, 515 Rusk Avenue, Houston, TX 77002, to determine (i) whether the proposed Settlement should be approved as fair, reasonable, and adequate; (ii) whether the Action should be dismissed with prejudice against defendants, and the releases specified and described in the stipulation and agreement of settlement dated May 16, 2014 (and in the notice) should be granted; (iii) whether the proposed plan of allocation should be approved as fair and reasonable; and (iv) whether lead counsel's application for an award of attorneys' fees and reimbursement of expenses should be approved.
Anadarko Petroleum Corporation Enters into Credit and 364-Day Revolving Credit Agreements
Jun 23 14
On June 17, 2014, Anadarko Petroleum Corporation entered into a credit agreement among Anadarko, as borrower, JPMorgan Chase Bank, N.A., as the administrative agent, Wells Fargo Bank, National Association, as syndication agent, Bank of America, N.A., Citibank, N.A., The Royal Bank of Scotland plc and The Bank of Tokyo-Mitsubishi UFJ Ltd., as co-documentation agents, and the additional lenders party thereto, providing for a five-year senior unsecured revolving credit facility. The aggregate initial commitments of the lenders under the Five-Year Credit Facility are $3.0 billion. The Five-Year Credit Facility contains an uncommitted accordion feature under which the aggregate commitments thereunder can be increased to up to $4.0 billion under certain circumstances. Also on June 17, 2014, Anadarko entered into a 364-Day revolving credit agreement among Anadarko, as borrower, JPMorgan Chase Bank, N.A., as the administrative agent, Wells Fargo Bank, National Association, as syndication agent, Bank of America, N.A., Citibank, N.A., The Royal Bank of Scotland plc and The Bank of Tokyo-Mitsubishi UFJ Ltd., as co-documentation agents, and the additional lenders party thereto, providing for a 364-Day senior unsecured revolving credit facility. The aggregate commitments of the lenders under the 364-Day Credit Facility are $2.0 billion. The availability of borrowings under the 364-Day Credit Facility and of borrowings and letters of credit under the Five-Year Credit Facility is subject to the satisfaction of certain customary conditions precedent. Such conditions precedent must be satisfied or waived by the requisite lenders under each Credit Facility by December 1, 2014, or the commitments under such Credit Facility will terminate. If such conditions are not satisfied or waived prior to October 15, 2014, ticking fees will accrue on the aggregate commitments under each Credit Facility from such date until the availability date thereof or the date of termination of the commitments thereunder. These ticking fees will vary depending on Anadarko's credit ratings. The Five-Year Credit Facility will mature on the fifth anniversary of the availability date thereunder, while the 364-Day Credit Facility will mature on the 364th day after the availability date thereunder. Borrowings under the Credit Facilities generally will bear interest under one of two rate options, at Anadarko's election, at either LIBOR (or EURIBOR in the case of borrowings under the Five-Year Credit Facility denominated in Euro) or an alternate base rate, in each case plus an applicable margin. This applicable margin will vary depending on Anadarko's credit ratings. Following the availability date of each Credit Facility, Anadarko will be required to pay a facility fee on the aggregate commitments under each Credit Facility regardless of use, at the rate described above with respect to ticking fees. The Five-Year Credit Facility contains a sublimit of $750 million for the issuance of letters of credit, $600 million of which has been committed to by the initial issuing lenders thereunder, and a $1.0 billion sublimit for borrowings denominated in Euro, Pounds Sterling or Yen. The proceeds from the Credit Facilities may be used by Anadarko and its subsidiaries (other than Western Gas Equity Partners, LP, Western Gas Partners, LP and their respective subsidiaries) for general corporate purposes.
Exxon Mobil Rumored To Be Pursuing Anadarko
Jun 12 14
Rumors circulated on June 11, 2014, that Exxon Mobil Corporation (NYSE:XOM) could seek to buy Anadarko Petroleum Corporation (NYSE:APC).