TIDM74WM
RNS Number : 7982M
BP Capital Markets PLC
23 September 2021
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 AS IT FORMS PART OF UK DOMESTIC LAW BY VIRTUE OF THE
EUROPEAN UNION (WITHDRAWAL) ACT 2018 (EUWA).
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 final results of its tender
offers for certain series of its Euro and Sterling denominated
Notes
23 September 2021.
On 16 September 2021, BP Capital Markets p.l.c. (the Offeror)
announced separate invitations to holders of its outstanding (i)
EUR1,250,000,000 1.109 per cent. Guaranteed Notes due 2023 (ISIN:
XS1190973559) (the February 2023 Notes), (ii) GBP650,000,000 1.177
per cent. Guaranteed Notes due 2023 (ISIN: XS1475051162) (the
August 2023 Notes), (iii) EUR925,000,000 1.117 per cent. Guaranteed
Notes due 2024 (ISIN: XS1527126772) (the January 2024 Notes), (iv)
EUR1,000,000,000 1.876 per cent. Guaranteed Notes due 2024 (ISIN:
XS2135797202) (the April 2024 Notes), (v) EUR1,000,000,000 0.900
per cent. Guaranteed Notes due 2024 (ISIN: XS1851277969) (the July
2024 Notes), (vi) EUR850,000,000 0.830 per cent. Guaranteed Notes
due 2024 (ISIN: XS1492671158) (the September 2024 Notes), (vii)
EUR750,000,000 1.953 per cent. Guaranteed Notes due 2025 (ISIN:
XS1375957294) (the March 2025 Notes), (viii) EUR850,000,000 1.077
per cent. Guaranteed Notes due 2025 (ISIN: XS1637863629) (the June
2025 Notes); (ix) GBP450,000,000 2.274 per cent. Guaranteed Notes
due 2026 (ISIN: XS1851278421) (the 2026 Notes); and (x)
EUR1,100,000,000 0.831 per cent. Guaranteed Notes due 2027 (ISIN:
XS1992931508) (the 2027 Notes and, together with 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
March 2025 Notes, the June 2025 Notes and the 2026 Notes, the Notes
and each a Series), each guaranteed by BP p.l.c. (the Parent), 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 22 September
2021 (the Expiration Deadline) and the Offeror now announces the
final results of the Offers.
The Offers were made on the terms and subject to the conditions
contained in the tender offer memorandum dated 16 September 2021
(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.
Series Acceptance Amounts
The Offeror announces that it has decided to accept all valid
tenders in full with no pro rata scaling except for the April 2024
Notes and the March 2025 Notes, where it will not accept any valid
tenders. Accordingly, each Series Acceptance Amount will be as set
out in the table below.
Applicable Euro/US Dollar Exchange Rate and Applicable
Sterling/US Dollar Exchange Rate
As at the Expiration Deadline, the Applicable Euro/US Dollar
Exchange Rate was EUR1 = US$ 1.17335 and the Applicable Sterling/US
Dollar Exchange Rate was GBP1 = US$ 1.36445 .
Pricing and Settlement
Pricing for the Offers took place at or around (i) 9.00 a.m.
(London time) today in the case of each Series of
Sterling-denominated Notes; and (ii) 11.00 a.m. (London time) today
in the case of each other Series of Fixed Purchase Spread
Notes.
A summary of the final pricing for, and results of, the Offers
appears below:
Outstanding
Priority Series Acceptance Benchmark Purchase Purchase Purchase nominal amount
Level Notes Amount Rate Spread Yield Price post settlement
--------- ------------- ------------------ ---------- --------- --------- --------- -----------------
August 2023
1 Notes GBP66,357,000 0.194% 10 bps 0.294% 101.434% GBP138,468,000
January 2024
1 Notes EUR40,692,000 -0.439% -5 bps -0.489% 103.374% EUR339,052,000
July 2024
1 Notes EUR40,133,000 -0.395% 5 bps -0.345% 103.475% EUR329,488,000
1 2026 Notes GBP223,838,000 0.418% 50 bps 0.918% 106.320% GBP226,162,000
1 2027 Notes EUR618,780,000 -0.177% 25 bps 0.073% 104.629% EUR481,220,000
February
2 2023 Notes EUR53,919,000 N/A N/A -0.550% 102.334% EUR617,110,000
April 2024
2 Notes EUR0 N/A 10 bps N/A N/A EUR1,000,000,000
September
2 2024 Notes EUR40,244,000 -0.397% 5 bps -0.347% 103.240% EUR430,677,000
March 2025
2 Notes EUR0 N/A 20 bps N/A N/A EUR750,000,000
June 2025
2 Notes EUR30,779,000 -0.346% 10 bps -0.246% 104.658% EUR464,515,000
The Final Consideration Amount is US$ 1,425,584,174 (converted
into the US Dollar Equivalent at the Applicable Euro/US Dollar
Exchange Rate or the Applicable Sterling/US Dollar Exchange Rate,
as the case may be).
The aggregate US Dollar Equivalent of the nominal amount of
Priority Level 1 Notes the Offeror will accept is approximately
US$1,217 million and the aggregate US Dollar Equivalent of the
nominal amount of Priority Level 2 Notes the Offeror will accept is
approximately US$147 million, converted at the Applicable Euro/US
Dollar Exchange Rate or the Applicable Sterling/US Dollar Exchange
Rate, as the case may be.
The Offeror will also pay an Accrued Interest Payment in respect
of Notes accepted for purchase pursuant to the relevant Offers.
The Settlement Date in respect of any Notes accepted for
purchase pursuant to the relevant Offers is expected to be 24
September 2021. All Notes purchased pursuant to the relevant Offers
will be cancelled.
Lloyds Bank Corporate Markets plc (Telephone: +44 20 7158
1719/1726; Attention: Liability Management, Commercial Banking;
Email: liability.management@lloydsbanking.com ) and SMBC Nikko
Capital Markets Limited (Telephone: +44 20 3527 7545; Attention:
Liability Management; Email: LM.EMEA@smbcnikko-cm.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 as it forms part of UK domestic law by
virtue of the EUWA (UK MAR), encompassing information relating to
the Offers described above. For the purposes of UK MAR and the
Implementing Technical Standards, 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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