APA seems to have done some strange things with their debt load this year, if their 10Q is any indication.
From the 10Q:
Long-Term Borrowings - In March 1999, Apache Finance issued $100 million principal amount, $99.3 million net of discount, of senior unsecured 7-percent notes due March 15, 2009. The notes are irrevocably and unconditionally guaranteed by Apache. Apache Finance has the right to redeem the notes prior to maturity, under certain conditions related to changes in relevant tax laws. Also, upon certain changes in control, these notes are subject to mandatory repurchase. The proceeds were used to reduce outstanding indebtedness under the Australian portion of the global credit facility.
In June 1999, the Company issued $150 million principal amount, $149.1 million net of discount, of senior unsecured 7.625-percent notes due July 1, 2019. The Company does not have the right to redeem the notes prior to maturity. Upon certain changes in control, these notes are subject to mandatory repurchase. The proceeds were used to reduce the Company's outstanding amounts of commercial paper.
Liquidity - The Company had $16.7 million in cash and cash equivalents on hand at September 30, 1999, up from $14.5 million at December 31, 1998. Apache's ratio of current assets to current liabilities at September 30, 1999 was 1.04 compared to .74:1 at December 31, 1998.
On November 2, 1999, Apache filed a shelf registration for $400 million of debt securities. The proceeds from the debt securities, being offered by Apache Finance Canada, may be used to finance and invest in Apache's Canadian operations, to repay outstanding debt, for working capital, capital expenditures and acquisitions. |
