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22.03.2021 14:05
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Union Pacific Corporation Announces Results to Date of Exchange Offers and Increase in Size of 2071 Exchange Offers Limit
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PR Newswire
OMAHA, Neb., March 22, 2021
OMAHA, Neb., March 22, 2021 /PRNewswire/ -- Union Pacific Corporation (NYSE:UNP) ("Union Pacific" or the "Corporation") today announced (a) the early results of its private offers to exchange (1) certain of its outstanding notes and debentures referenced in the first table below for a combination of new notes due 2036 (the "New 2036 Notes") and cash (the "2036 Offers"), and (2) certain of its outstanding notes referenced in the second table below for a combination of new notes due 2071 (the "New 2071 Notes" and, together with the New 2036 Notes, the "New Notes") and cash (the "2071 Offers" and, together with the 2036 Offers, the "Exchange Offers") and (b) an amendment to the 2071 Offers to increase the 2071 Offers Limit (as defined below) from $750,000,000 to $1,012,201,000. The outstanding notes and debentures to be exchanged pursuant to the Exchange Offers are collectively referred to as the "Existing Notes."
On March 8, 2021, Union Pacific commenced six separate 2036 Offers to eligible holders in an amount that requires no more than $1,000,000,000 of New 2036 Notes to be issued pursuant to the 2036 Offers (the "2036 Offers Limit"), subject to the applicable priorities and limitations as set forth in Union Pacific's offering memorandum dated March 8, 2021 (the "Offering Memorandum") and related letter of transmittal. In addition, Union Pacific also commenced twelve separate 2071 Offers to eligible holders in an amount that requires no more than $750,000,000 of New 2071 Notes to be issued pursuant to the 2071 Offers (the "2071 Offers Limit"), subject to the applicable priorities and limitations as set forth in the Offering Memorandum and related letter of transmittal.
The approximate principal amount of the Existing Notes validly tendered for exchange and not validly withdrawn, as of 5:00 p.m., New York City time, on March 19, 2021 (the "Early Exchange Date"), based on information provided by the exchange agent to Union Pacific, is $1,793,944,000 as described in greater detail in the tables below. The amount of outstanding Existing Notes validly tendered and not validly withdrawn as of the Early Exchange Date exceeded the minimum condition that, in the case of the 2036 Offers, Union Pacific receive valid tenders of Existing Notes, not validly withdrawn, that require the issuance of at least $300 million aggregate principal amount of New 2036 Notes in accordance with the terms of the 2036 Offers and, in the case of the 2071 Offers, Union Pacific receive valid tenders of Existing Notes, not validly withdrawn, that require the issuance of at least $300 million aggregate principal amount of New 2071 Notes in accordance with the terms of the 2071 Offers.
The table below shows the principal amount of each series of Existing Notes that has been validly tendered and not validly withdrawn pursuant to the 2036 Offers as of the Early Exchange Date.
| CUSIP Number | Title of | Aggregate Amount Outstanding | Acceptance Level | Maximum | Principal Amount |
| 907818EY0 | 3.950% Notes due 2028 | $1,500,000,000 | 1 | $550,000,000 | $444,780,000 |
| 907818FB9 | 3.700% Notes due 2029 | $1,000,000,000 | 2 | $400,000,000 | $225,355,000 |
| 907818CU0 | 6.250% Debentures due 2034 | $160,068,000 | 3 | N/A | $5,537,000 |
| 907818CS5 | 5.375% Debentures due 2033 | $149,687,000 | 4 | N/A | $5,320,000 |
| 907818BY3 | 7.125% Debentures due 2028 | $175,560,000 | 5 | N/A | $13,640,000 |
| 907818CF3 | 6.625% Debentures due 2029 | $398,276,000 | 6 | N/A | $5,741,000 |
The table below shows the principal amount of each series of Existing Notes that has been validly tendered and not validly withdrawn pursuant to the 2071 Offers as of the Early Exchange Date.
| CUSIP Number | Title of | Aggregate Amount Outstanding | Acceptance Level | Maximum | Principal Amount |
| 907818EX2 | 4.800% Notes due 2058 | $76,570,000 | 1 | N/A | $50,508,000 |
| 907818DT2 907818DS4 | 4.821% Notes due 2044 | $189,119,000 | 2 | N/A | $3,700,000 |
| 907818EG9 | 4.375% Notes due 2065 | $600,000,000 | 3 | N/A | $421,588,000 |
| 907818DL9 | 4.300% Notes due 2042 | $222,179,000 | 4 | N/A | $16,064,000 |
| 907818EW4 | 4.500% Notes due 2048 | $453,374,000 | 5 | N/A | $63,476,000 |
| 907818DP0 | 4.250% Notes due 2043 | $212,708,000 | 6 | N/A | $25,573,000 |
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