Altus Midstream will trade on the Nasdaq with the ticker symbols ALTM and ALTMW beginning Nov. 12, 2018
HOUSTON, Nov. 12, 2018 (GLOBE NEWSWIRE) -- Apache Corporation (NYSE, Nasdaq: APA) and Kayne Anderson Acquisition Corporation (“KAAC”), a special purpose acquisition company (SPAC), which previously traded on the Nasdaq under the ticker symbols KAAC and KAACW, today announced the completion of the previously announced business combination to create Altus Midstream Company (Nasdaq: ALTM, ALTMW), currently the only publicly traded, pure-play, Permian Basin midstream C-corporation. The transaction was approved by KAAC shareholders Nov. 6, 2018. Upon closing, KAAC changed its name to Altus Midstream Company. The Company’s Class A common stock and warrants will begin trading on the Nasdaq Monday, Nov. 12, 2018, under the symbols ALTM and ALTMW, respectively.
“Altus Midstream is anchored by a world-class unconventional resource play in Alpine High and a premier sponsor in Apache Corporation, which currently owns approximately 79 percent of the company,” said Brian Freed, Altus Midstream CEO and president. “Our high-growth gathering and processing business, along with our options to purchase equity interests in five top-tier, Permian Basin pipeline projects, will drive market-leading growth at Altus Midstream for years to come. With no debt and a substantial cash position, we have the financial strength and access to a low cost of capital to fund our identified organic growth as well as pursue other attractive opportunities, such as crude and water gathering in Alpine High, third-party gathering and processing business, and mergers and acquisitions.”
Additionally, on Nov. 9, 2018, Altus Midstream entered into a credit agreement providing for an $800 million unsecured five-year revolving credit facility, with initial capacity of $450 million, the eventual ability to upsize the facility to $1.5 billion, and two one-year extension options. Pricing for the credit facility ranges between LIBOR + 1.05 percent to 1.425 percent.
“We have put in place a favorable revolving credit facility that provides Altus Midstream with flexible access to capital at attractive pricing and facilitates the ability to finance our growth plans,” said Ben Rodgers, Altus Midstream CFO.
About Altus Midstream Company
Altus Midstream Company is a pure-play, Permian Basin midstream C-corporation. Altus Midstream and/or its subsidiaries own substantially all of the gas gathering, processing and transportation assets servicing Apache Corporation’s production in the Alpine High play in the Delaware Basin. Altus Midstream posts announcements, operational updates, investor information and press releases on its website, www.altusmidstream.com.
Apache Corporation is an oil and gas exploration and production company with operations in the United States, Egypt and the United Kingdom. Apache posts announcements, operational updates, investor information and press releases on its website, www.apachecorp.com, and on its Media and Investor Center mobile application, which is available for free download from the Apple App Store and the Google Play store.
This news release includes certain statements that may constitute “forward-looking statements” for purposes of the federal securities laws. Forward-looking statements include, but are not limited to, statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intends,” “may,” “might,” “plan,” “seeks,” “possible,” “potential,” “predict,” “project,” “guidance,” “outlook,” “should,” “would,” “will,” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. These statements include, but are not limited to, statements about future plans, expectations, and objectives for Altus Midstream’s and Apache’s operations, including statements about our strategy, future operations, financial position, estimated revenues and losses, projected costs, prospects, plans, and objectives of management. While forward-looking statements are based on assumptions and analyses made by us that we believe to be reasonable under the circumstances, whether actual results and developments will meet our expectations and predictions depend on a number of risks and uncertainties which could cause our actual results, performance, and financial condition to differ materially from our expectations. See "Risk Factors" in our Definitive Proxy Statement dated October 22, 2018 filed with the Securities and Exchange Commission for a discussion of risk factors that affect our business. Any forward-looking statement made by us in this news release speaks only as of the date on which it is made. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future development or otherwise, except as may be required by law.
Contacts for Apache and Altus Midstream
Media: (713) 296-7276 Castlen Kennedy
Investors: (281) 302-2286 Gary Clark
Websites: www.altusmidstream.com, www.apachecorp.com
Source: Apache Corporation
Source: Altus Midstream Company