As part of Chevron Corp.’s $6.3 billion acquisition of PDC Energy, the supermajor is offering a “premium” to PDC senior note holders that agree to exchange the debt for new notes issued by Chevron.

Chevron said in regulatory filings it is offering to exchange $750 million of PDC notes in order to simplify its capital structure following the Aug. 7 acquisition of PDC.

Under the terms of the offer, PDC note holders who agree to the exchange before Aug. 16 will receive $1,000 of notes backed by Chevron for each $1,000 of PDC notes. Chevron said that includes a $30 premium of Chevron notes and $1 cash. After the Aug. 16 “early participation date” ends, PDC debt holders will be eligible to receive $970 per $1,000 notes tendered, Chevron said.

The Chevron notes will have the same interest rate, maturity date, optional redemption prices and dates and interest payment dates as the PDC notes.

The notes are backed by Chevron and Chevron U.S.A. Inc. and present an even exchange of 5.75% PDC Energy senior notes due 2026 for 5.75% senior notes due 2026 to be issued by Chevron U.S.A., according to a Chevron.

A registration statement filed with the Securities and Exchange Commission on Aug. 3 details the terms of the exchange.