APA (APA) said Thursday it refinanced its existing multibillion dollar credit lines.
The company said its exiting $1.8 billion credit agreement with lenders was replaced with a five-year $2 billion revolving credit facility. The credit facility may be increased to up to $2.5 billion under certain conditions, APA said.
Meanwhile, the company's 1.5 billion British pound ($1.83 billion) credit agreement was replaced with a five-year 1.5 billion pound revolving credit facility, APA said. The 253 million pounds originally issued the existing credit agreement are considered outstanding under the new facility.
The two new credit lines have substantially the same terms as the ones replaced, APA said in regulatory filing.
APA plans to use the proceeds for general corporate purposes.
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