TIDM89FF
RNS Number : 6478Z
BP Capital Markets PLC
17 May 2023
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 RELEASE, PUBLICATION OR 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 denominated Notes
17 May 2023.
On 9 May 2023, BP Capital Markets p.l.c. (the Offeror) announced
separate invitations to holders of its outstanding (i)
EUR1,000,000,000 1.876 per cent. Guaranteed Notes due 2024 (ISIN:
XS2135797202) (the April 2024 Notes); (ii) EUR1,000,000,000 0.900
per cent. Guaranteed Notes due 2024 (ISIN: XS1851277969) (the July
2024 Notes); (iii) EUR850,000,000 0.830 per cent. Guaranteed Notes
due 2024 (ISIN: XS1492671158) (the September 2024 Notes); (iv)
EUR750,000,000 1.953 per cent. Guaranteed Notes due 2025 (ISIN:
XS1375957294) (the March 2025 Notes); (v) EUR850,000,000 1.077 per
cent. Guaranteed Notes due 2025 (ISIN: XS1637863629) (the June 2025
Notes); (vi) EUR1,000,000,000 2.972 per cent. Guaranteed Notes due
2026 (ISIN: XS1040506898) (the February 2026 Notes); (vii)
EUR850,000,000 2.213 per cent. Guaranteed Notes due 2026 (ISIN:
XS1114473579) (the September 2026 Notes); (viii) EUR1,250,000,000
1.573 per cent. Guaranteed Notes due 2027 (ISIN: XS1190974011) (the
February 2027 Notes); (ix) EUR1,100,000,000 0.831 per cent.
Guaranteed Notes due 2027 (ISIN: XS1992931508) (the November 2027
Notes); and (x) EUR900,000,000 1.594 per cent. Guaranteed Notes due
2028 (ISIN: XS1851278777) (the 2028 Notes and, together with the
April 2024 Notes, the July 2024 Notes, the September 2024 Notes,
the March 2025 Notes, the June 2025 Notes, the February 2026 Notes,
the September 2026 Notes, the February 2027 Notes and the November
2027 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 16 May 2023
(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 9 May 2023 (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 April
2024 Notes, March 2025 Notes, June 2025 Notes, February 2026 Notes,
February 2027 Notes and November 2027 Notes in full with no pro
rata scaling. The Offeror does not propose to accept any July 2024
Notes, September 2024 Notes, September 2026 Notes or 2028 Notes for
purchase pursuant to the relevant Offers. Accordingly, the Offeror
expects that each Series Acceptance Amount will be set as follows
:
Priority Indicative Series Acceptance
Level Notes Amount
--------- --------------------- -----------------------------
1 April 2024 Notes EUR426,689,000
1 March 2025 Notes EUR269,805,000
1 June 2025 Notes EUR35,941,000
1 February 2027 Notes EUR347,168,000
1 November 2027 Notes EUR86,353,000
2 July 2024 Notes EUR0
2 September 2024 Notes EUR0
2 February 2026 Notes EUR369,503,000
2 September 2026 Notes EUR0
2 2028 Notes EUR0
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 11.00 a.m.
(London time) today (the Pricing Time). As soon as reasonably
practicable after the 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, (i) each Series Acceptance
Amount, and (ii) for each applicable Series of Fixed Purchase
Spread Notes, each Benchmark Rate, each Purchase Yield and each
Purchase Price.
The Settlement Date in respect of any Notes accepted for
purchase pursuant to the relevant Offers is expected to be 19 May
2023. Any Notes accepted for purchase pursuant to the relevant
Offers will be cancelled.
Barclays Bank PLC (Telephone: +44 20 3134 8515 ; Attention:
Liability Management Group; Email: eu.lm@barclays.com) and Standard
Chartered Bank (Telephone: +44 20 7885 5739 ; Attention: Liability
Management; Email: liability_management@sc.com ) are acting as
Dealer Managers for the Offers.
Kroll 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 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
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