By Cristal Cody
Eureka Springs, Ark., Sept. 14 – BP Capital Markets plc priced $2 billion of guaranteed notes (A2/A-) in three tranches on Tuesday, according to a market source and an FWP filing with the Securities and Exchange Commission.
The company sold $250 million of five-year floating-rate notes at par with a coupon of Libor plus 87 basis points.
BP Capital also priced $750 million of 2.112% five-year notes at par to yield 87.5 bps over Treasuries.
A $1 billion tranche of 3.017% long 10-year notes priced at par with a spread of 130 bps over Treasuries.
The fixed-rate notes priced on the tight side of guidance.
Barclays, BNP Paribas Securities Corp., HSBC Securities (USA) Inc., BofA Merrill Lynch, Mizuho Securities USA Inc. and Morgan Stanley & Co. LLC 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
|
| Guarantor: | BP plc
|
| Amount: | $2 billion
|
| Description: | Guaranteed notes
|
| Bookrunners: | Barclays, BNP Paribas Securities Corp., HSBC Securities (USA) Inc., BofA Merrill Lynch, Mizuho Securities USA Inc., Morgan Stanley & Co. LLC
|
| Trade date: | Sept. 13
|
| Settlement date: | Sept. 16
|
| Ratings: | Moody’s: A2
|
| S&P: A-
|
| Distribution: | SEC registered
|
|
|
| Five-year floaters
|
| Amount: | $250 million
|
| Maturity: | Sept. 16, 2021
|
| Coupon: | Libor plus 87 bps
|
| Price: | Par
|
| Yield: | Libor plus 87 bps
|
| Call feature: | None
|
|
|
| Five-year notes
|
| Amount: | $750 million
|
| Maturity: | Sept. 16, 2021
|
| Coupon: | 2.112%
|
| Price: | Par
|
| Yield: | 2.112%
|
| Spread: | Treasuries plus 87.5 bps
|
| Price guidance: | Treasuries plus 90 bps area, plus or minus 2 bps
|
| Call features: | Before Aug. 16, 2021 at greater of par and Treasuries plus 15 bps; thereafter at par
|
|
|
| 10-year notes
|
| Amount: | $1 billion
|
| Maturity: | Jan. 16, 2027
|
| Coupon: | 3.017%
|
| Price: | Par
|
| Yield: | 3.017%
|
| Spread: | Treasuries plus 130 bps
|
| Price guidance: | Treasuries plus 130 bps-135 bps area
|
| Call features: | Before Oct. 16, 2026 at greater of par and Treasuries plus 20 bps; thereafter at par
|
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