Apache Bondholders Push Back on Debt Exchange Offer (1)

A group of Apache Corp.noteholders is pushing back against the energy driller’s efforts to change terms on its bonds, according to people with knowledge of the matter.

Apache’s parent company, APA Corp., is looking to swap as much as $4.78 billion of bonds, according to a statementon Dec. 3. Bondholders would get new notes from APA, and give up their securities issued by Apache.

The new securities wouldn’t have some of the protections that the existing bonds have, including a provision that can force the company to buy back debt if it sells itself, said the ...