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BP sees tenders for $1.64 billion 4.375% perpetuals by early deadline
By Marisa Wong
Los Angeles, March 11 – BP plc announced the early tender results of BP Capital Markets plc’s Feb. 26 offer to purchase for cash up to $1.3 billion of its $2.5 billion outstanding 4.375% perpetual subordinated non-call 5.25-year fixed-rate reset notes (Cusip: 05565QDU9).
As of 5 p.m. ET on March 8, the early tender time and withdrawal deadline, holders had tendered $1,640,940,000, or 65.6%, of the outstanding notes, according to a Monday press release.
Because the tender offer was oversubscribed, the issuer will accept the early tendered notes on a prorated basis.
The issuer will pay a total consideration of $990 per $1,000 of accepted early tendered notes.
The total consideration includes an early tender payment of $30 per $1,000 of notes tendered by the early tender time and accepted for purchase.
The issuer will also pay accrued interest.
Settlement of the early tendered notes is expected to occur on March 12.
The tender offer will expire at 5 p.m. ET on March 25, but because the offer was oversubscribed by the early deadline, the issuer will not be purchasing any late tendered notes.
The tender offer cap had been upsized to $1.3 billion from an original $1 billion, as previously reported.
The lead dealer managers for the tender offer are MUFG Securities Americas Inc. (212 405-7481 or 877 744-4532; DCM-LiabilityManagement@int.sc.mufg.jp) and TD Securities (USA) LLC (212 827-2842 or 866 584-2096; LM@tdsecurities.com).
The tender and information agent is D.F. King & Co. (877 896-3192 or, for banks and brokers, 212 269-5550; BP@dfking.com).
BP is a multinational oil and gas company based in London.
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