BP Capital gives results of tender offer for notes from 10 series

By Marisa Wong

Los Angeles, May 17 – BP Capital Markets plc announced final results for its May 9 separate invitations to holders of its outstanding notes from 10 series, each guaranteed by BP plc, to tender their notes for purchase for cash.

The issuer planned to accept an aggregate amount of notes such that the total amount payable for those notes is capped at €1.5 billion, excluding accrued interest.

The issuer said on Wednesday it has decided to accept all tenders under six series and none under the remaining four as follows:

• €426,689,000 of the €1 billion outstanding 1.876% notes due April 2024 (ISIN: XS2135797202) at 98.85, leaving €573,311,000 remaining;

• €269,805,000 of the €750 million outstanding 1.953% notes due March 2025 (ISIN: XS1375957294) at 98.111, with the purchase price based on the March 2025 notes interpolated mid-swap rate and a purchase spread of negative 45 basis points, leaving €480,195,000 remaining;

• €35,941,000 of the €850 million 1.077% notes due June 2025 (ISIN: XS1637863629), €464,515,000 of which was outstanding, at 96.133, with the purchase price to be based on the June 2025 notes interpolated mid-swap rate and a purchase spread of negative 40 bps, leaving €428,574,000 remaining;

• €347,168,000 of the €1.25 billion outstanding 1.573% notes due February 2027 (ISIN: XS1190974011) at 94.206, with the purchase price to be based on the February 2027 notes interpolated mid-swap rate and a purchase spread of 15 bps, leaving €902,832,000 remaining;

• €86,353,000 of the €1.1 billion 0.831% notes due November 2027 (ISIN: XS1992931508), €481.22 million of which was outstanding, at 90.351, with the purchase price to be based on the November 2027 notes interpolated mid-swap rate and a purchase spread of 15 bps, leaving €394,867,000 remaining;

• None of the €1 billion 0.9% notes due July 2024 (ISIN: XS1851277969), €329,488,000 of which is outstanding. The purchase price was to be based on the July 2024 notes interpolated mid-swap rate and a purchase spread of negative 50 bps;

• None of the €850 million 0.83% notes due September 2024 (ISIN: XS1492671158), €430,677,000 of which is outstanding. The purchase price was to be based on the September 2024 notes interpolated mid-swap rate and a purchase spread of negative 50 bps;

• €369,503,000 of the €1 billion outstanding 2.972% notes due February 2026 (ISIN: XS1040506898) at 99.565, with the purchase price based on the February 2026 notes interpolated mid-swap rate and a purchase spread of negative 10 bps, leaving €630,497,000 remaining;

• None of the €850 million outstanding 2.213% notes due September 2026 (ISIN: XS1114473579). The purchase price was to be based on the September 2026 notes interpolated mid-swap rate and a purchase spread of 10 bps; and

• None of the €900 million 1.594% notes due 2028 (ISIN: XS1851278777), €567,676,000 of which is outstanding. The purchase price was to be based on the 2028 notes interpolated mid-swap rate and a purchase spread of 25 bps.

The first five series had an acceptance priority level of 1, and the last five series had an acceptance priority level of 2.

The offers expired at 11 a.m. ET on May 16.

Pricing took place at 6 a.m. ET on May 17.

Settlement is slated for May 19.

The dealer managers for the tender offer are Barclays Bank plc (+44 20 3134 8515; eu.lm@barclays.com) and Standard Chartered Bank (+44 20 7885 5739; liability_management@sc.com).

The tender agent is Kroll Issuer Services Ltd. (+44 20 7704 0880; attn.: Arlind Bytyqi; bp@is.kroll.com; https://deals.is.kroll.com/bp).

BP Capital Markets is a financing arm of the London-based oil and gas company.

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