Occidental Petroleum Corp. said it will temporarily reduce the price of its outstanding publicly traded warrants as it seeks to reduce debt, according to a March 3 press release.

If all of the outstanding warrants are exercised at the temporarily reduced price, Occidental would receive gross proceeds of approximately $1.6 billion. 

The offer is available to warrant-holders at a reduced exercise price of $21.30, compared to the normal warrant price of $22, Occidental said. The warrants are listed on the New York Stock Exchange under the symbol “OXY WS”.

Occidental initially distributed the warrants on Aug. 3, 2020 in the form of a dividend to common stock holders of record as of July 6, 2020, the company said.

The company said it intends to use the proceeds for general corporate purposes, including debt repayment.

Holders must elect to participate prior to the offer’s expiration date at 5 p.m. ET on March 31, and must deliver payment and the required documentation in accordance with the offer to exercise prior to the expiration date, Occidental said.

D.F. King & Co. Inc. is acting as the information agent for the offer.