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APACHE CORPORATION TO ISSUE $75,000,000 3.93 PERCENT CONVERTIBLE NOTES DUE 1997

 APACHE CORPORATION TO ISSUE $75,000,000
 3.93 PERCENT CONVERTIBLE NOTES DUE 1997
 HOUSTON, Sept. 18 /PRNewswire/ -- Apache Corporation (NYSE: APA) announced today that it has arranged a private placement of a $75,000,000, 3.93 percent convertible note into a grantor trust to be organized by a group of institutional investors.
 The note will mature Nov. 15, 1997, and will bear interest, payable semi-annually, at 3.93 percent per year. The note, representing a general, unsecured obligation of Apache, will be convertible only at the option of the trust at any time into shares of Apache common stock at a conversion price of $27 per share (a premium of 27.8 percent over the closing price of Apache common stock on Sept. 18, 1992). It will not be redeemable by the company.
 Net proceeds to Apache from the placement will be applied toward the company's bank debt. The transaction is expected to close during October.
 PaineWebber is acting as placement agent on behalf of Apache in this private placement. Apache understands from PaineWebber that interests in the trust are expected to be sold to a limited number of institutional investors. In connection with the sale of these interests by PaineWebber, certain hedging activities may occur.
 Apache Corporation is an independent energy company engaged in the exploration for and development and production of natural gas and crude oil. The company's securities are traded on the New York and Midwest Stock Exchanges (Symbol: APA).
 -0- 9/18/92
 /CONTACT: Jeanne Buchanan of Apache Corporation, 713-296-6155/
 (APA) CO: Apache Corporation ST: Texas IN: OIL SU: OFR


AH -- NY091 -- 1360 09/18/92 19:03 EDT
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Publication:PR Newswire
Date:Sep 18, 1992
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