By Cristal Cody
Eureka Springs, Ark., April 29 – BP Capital Markets plc priced $2 billion of guaranteed notes (A2/A-) in two tranches on Thursday, according to additional deal details in a FWP filing with the Securities and Exchange Commission.
The company sold $750 million of 1.676% three-year notes at par to yield Treasuries plus 75 basis points. The notes priced on the tight side of guidance of 80 bps, plus or minus 5 bps, over Treasuries, a market source said.
The $1.25 billion tranche of 3.119% 10-year notes priced at par to yield 130 bps over Treasuries. The notes due May 4, 2026 were talked to price at Treasuries plus 135 bps, plus or minus 5 bps.
Citigroup Global Markets Inc., Deutsche Bank Securities Inc., HSBC Securities (USA) Inc., J.P. Morgan Securities LLC, MUFG and Mizuho Securities USA Inc. were the bookrunners.
The notes are guaranteed by parent company BP plc.
BP Capital Markets is a financing arm of the London-based oil and gas company.
| Issuer: | BP Capital Markets plc
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| Guarantor: | BP plc
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| Amount: | $2 billion
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| Securities: | Guaranteed notes
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| Bookrunners: | Citigroup Global Markets Inc., Deutsche Bank Securities Inc., HSBC Securities (USA) Inc., J.P. Morgan Securities LLC, MUFG, Mizuho Securities USA Inc.
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| Pricing date: | April 28
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| Settlement date: | May 4
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| Ratings: | Moody’s: A2
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| Standard & Poor’s: A-
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| Three-year notes
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| Amount: | $750 million
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| Maturity: | May 3, 2019
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| Coupon: | 1.676%
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| Price: | Par
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| Yield: | 1.676%
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| Spread: | Treasuries plus 75 bps
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| Make-whole call: Treasuries plus 12.5 bps
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| Price guidance: | Treasuries plus 80 bps, plus or minus 5 bps
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| 10-year notes
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| Amount: | $1.25 billion
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| Maturity: | May 4, 2026
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| Coupon: | 3.119%
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| Price: | Par
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| Yield: | 3.119%
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| Spread: | Treasuries plus 130 bps
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| Call feature: | Make-whole call at Treasuries plus 20 bps until Feb. 4, 2026, then at par
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| Price guidance: | Treasuries plus 135 bps, plus or minus 5 bps
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