TIDM74WM
RNS Number : 1291A
BP Capital Markets PLC
25 September 2020
THIS ANNOUNCEMENT RELATES TO THE DISCLOSURE OF INFORMATION THAT
QUALIFIED OR MAY HAVE QUALIFIED AS INSIDE INFORMATION WITHIN THE
MEANING OF ARTICLE 7(1) OF THE MARKET ABUSE REGULATION (EU)
596/2014.
NOT FOR DISTRIBUTION IN OR INTO OR TO ANY PERSON LOCATED OR
RESIDENT IN THE UNITED STATES, ITS TERRITORIES AND POSSESSIONS
(INCLUDING PUERTO RICO, THE U.S. VIRGIN ISLANDS, GUAM, AMERICAN
SAMOA, WAKE ISLAND AND THE NORTHERN MARIANA ISLANDS), ANY STATE OF
THE UNITED STATES OR THE DISTRICT OF COLUMBIA (the United States)
OR IN OR INTO ANY OTHER JURISDICTION WHERE IT IS UNLAWFUL TO
RELEASE, PUBLISH OR DISTRIBUTE THIS ANNOUNCEMENT.
BP Capital Markets p.l.c. announces indicative results of its
tender offers for certain series of its Euro and Sterling
denominated Notes
25 September 2020.
On 17 September 2020, BP Capital Markets p.l.c. (the Offeror)
announced separate invitations to holders of its outstanding (i)
EUR1,250,000,000 1.373 per cent. Guaranteed Notes due 2022 (ISIN:
XS1375956569) (the March 2022 Notes), (ii) EUR1,150,000,000 1.526
per cent. Guaranteed Notes due 2022 (ISIN: XS1114477133) (the
September 2022 Notes), (iii) EUR1,250,000,000 1.109 per cent.
Guaranteed Notes due 2023 (ISIN: XS1190973559) (the February 2023
Notes), (iv) GBP650,000,000 1.177 per cent. Guaranteed Notes due
2023 (ISIN: XS1475051162) (the August 2023 Notes), (v)
EUR925,000,000 1.117 per cent. Guaranteed Notes due 2024 (ISIN:
XS1527126772) (the January 2024 Notes), (vi) EUR1,000,000,000 1.876
per cent. Guaranteed Notes due 2024 (ISIN: XS2135797202) (the April
2024 Notes), (vii) EUR1,000,000,000 0.900 per cent. Guaranteed
Notes due 2024 (ISIN: XS1851277969) (the July 2024 Notes), (viii)
EUR850,000,000 0.830 per cent. Guaranteed Notes due 2024 (ISIN:
XS1492671158) (the September 2024 Notes), (ix) GBP400,000,000 2.030
per cent. Guaranteed Notes due 2025 (ISIN: XS1566187214) (the
February 2025 Notes), (x) EUR750,000,000 1.953 per cent. Guaranteed
Notes due 2025 (ISIN: XS1375957294) (the March 2025 Notes); (xi)
EUR850,000,000 1.077 per cent. Guaranteed Notes due 2025 (ISIN:
XS1637863629) (the June 2025 Notes); (xii) GBP400,000,000 1.827 per
cent. Guaranteed Notes due 2025 (ISIN: XS1992928116) (the September
2025 Notes); and (xiii) EUR900,000,000 1.594 per cent. Guaranteed
Notes due 2028 (ISIN: XS1851278777) (the 2028 Notes and, together
with the March 2022 Notes, the September 2022 Notes, the February
2023 Notes, the August 2023 Notes, the January 2024 Notes, the
April 2024 Notes, the July 2024 Notes, the September 2024 Notes,
the February 2025 Notes, the March 2025 Notes, the June 2025 Notes
and the September 2025 Notes, the Notes and each a Series), to
tender their Notes for purchase by the Offeror for cash (each such
invitation an Offer and together the Offers).
The Offers expired at 4.00 p.m. (London time) on 24 September
2020 (the Expiration Deadline) and the Offeror now announces the
indicative results of the Offers.
The Offers were made on the terms and subject to the conditions
contained in the tender offer memorandum dated 17 September 2020
(the Tender Offer Memorandum) prepared by the Offeror. Capitalised
terms used in this announcement but not defined have the meanings
given to them in the Tender Offer Memorandum.
Indicative Series Acceptance Amounts
The Offeror announces that, in the event that it decides to
accept valid tenders of Notes of any Series pursuant to the
relevant Offer(s), it expects to accept all valid tenders of Notes
(other than the April 2024 Notes, the February 2025 Notes and the
March 2025 Notes) in full with no pro rata scaling and does not
expect to accept any valid tenders of the April 2024 Notes, the
February 2025 Notes and the March 2025 Notes. Accordingly, the
Offeror expects that each Series Acceptance Amount will be set as
follows:
Priority Indicative Series Acceptance
Level Notes Amount
--------- ------------------- -----------------------------
1 March 2022 Notes EUR390,895,000
September 2022
1 Notes EUR339,563,000
February 2023
1 Notes EUR427,896,000
1 August 2023 Notes GBP294,259,000
1 January 2024 Notes EUR438,116,000
1 July 2024 Notes EUR447,212,000
2 April 2024 Notes EUR0
September 2024
2 Notes EUR306,225,000
2 February 2025 GBP0
Notes
2 March 2025 Notes EUR0
2 June 2025 Notes EUR277,364,000
2 September 2025 GBP192,760,000
Notes
2 2028 Notes EUR259,904,000
Therefore, the Offeror expects to accept approximately EUR2.4
billion in aggregate nominal amount of Notes with Priority Level 1,
and approximately EUR1.1 billion in aggregate nominal amount of
Notes with Priority Level 2.
Noteholders should note that this is a non-binding indication of
the levels at which the Offeror expects to set each Series
Acceptance Amount.
Pricing and Settlement
Pricing for the Offers will take place at or around (i) 9.00
a.m. (London time) today (the Sterling Pricing Time) in the case of
each Series of Sterling-denominated Notes; and (ii) 11.00 a.m.
(London time) today (the Euro Pricing Time) in the case of each
other Series of Fixed Purchase Spread Notes. As soon as reasonably
practicable after the Euro Pricing Time, the Offeror will announce
whether it will accept valid tenders of Notes pursuant to all or
any of the Offers and, if so accepted, each Series Acceptance
Amount, the Purchase Yield for each Series of Fixed Purchase Spread
Notes, each Benchmark Rate, each Purchase Price and the Applicable
Sterling/Euro Exchange Rate.
The Settlement Date in respect of any Notes accepted for
purchase pursuant to the Offers is expected to be 29 September
2020. Any Notes accepted for purchase pursuant to the Offers will
be cancelled.
Deutsche Bank AG, London Branch (Telephone: +44 20 7545 8011;
Attention: Liability Management Group) and MUFG Securities EMEA plc
(Telephone: +44 20 7577 4218; Attention: Liability Management
Group; Email: liability.management@mufgsecurities.com ) are acting
as Dealer Managers for the Offers.
Lucid Issuer Services Limited (Telephone: + 44 20 7704 0880;
Attention: Arlind Bytyqi ; Email: bp@lucid-is.com) is acting as
Tender Agent for the Offers.
This announcement is released by the Offeror and contains
information that qualified or may have qualified as inside
information for the purposes of Article 7 of the Market Abuse
Regulation (EU) 596/2014 (MAR), encompassing information relating
to the Offers described above. For the purposes of MAR and Article
2 of Commission Implementing Regulation (EU) 2016/1055, this
announcement is made by Gary Admans, Head of Liquidity and Capital
Markets at the Parent .
LEI Number: 549300CRVT18MXX0AG93
DISCLAIMER This announcement must be read in conjunction with
the Tender Offer Memorandum. No offer or invitation to acquire any
securities is being made pursuant to this announcement. The
distribution of this announcement and the Tender Offer Memorandum
in certain jurisdictions may be restricted by law. Persons into
whose possession this announcement and/or the Tender Offer
Memorandum come(s) are required by each of the Offeror, the Parent,
the Dealer Managers and the Tender Agent to inform themselves
about, and to observe, any such restrictions.
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END
TENEAXNSADFEEEA
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September 25, 2020 03:33 ET (07:33 GMT)
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