bp Announces Redemption of $4.52B of Outstanding Notes

Source: www.gulfoilandgas.com 5/31/2022, Location: Europe

BP p.l.c. (“bp”) announced that its wholly-owned subsidiary BP Capital Markets p.l.c. (“BPCM”) is exercising the option to redeem the total outstanding aggregate principal amounts of the following notes on 30 June 2022 (the “Redemption Date”): BPCM will redeem the BPCM 2.750% Notes, the BPCM 3.994% Notes, the BPCM 3.814% Notes, and the BPCM 3.535% Notes at a redemption price equal to the greater of (i) 100% of the aggregate principal amount of the Notes to be redeemed and (ii) the sum of the present values of the remaining scheduled payments of principal and interest on the Notes to be redeemed (not including any portion of payments of interest accrued and unpaid to the Redemption Date) discounted to the Redemption Date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 20 basis points, together with, in each case accrued and unpaid interest on the principal amount of the Notes to be redeemed to the Redemption Date. The Treasury Rate will be calculated on the third Business Day preceding the Redemption Date.

BPCM will redeem the BPCM 3.506% Notes at a redemption price equal to the greater of (i) 100% of the aggregate principal amount of the Notes to be redeemed and (ii) the sum of the present values of the remaining scheduled payments of principal and interest on the Notes to be redeemed (not including any portion of payments of interest accrued and unpaid to the Redemption Date) discounted to the Redemption Date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 25 basis points, together with, in each case accrued and unpaid interest on the principal amount of the Notes to be redeemed to the Redemption Date. The Treasury Rate will be calculated on the third Business Day preceding the Redemption Date.

BPCM will redeem the BPCM 3.119% Notes and the BPCM 3.017% Notes at a redemption price equal to the greater of (i) 100% of the aggregate principal amount of the Notes to be redeemed and (ii) the sum of the present values of the remaining scheduled payments of principal and interest on the Notes to be redeemed that would be due if such notes matured on February 4, 2026 (with respect to the BPCM 3.119% Notes) and on October 16, 2026 (with respect to the BPCM 3.017% Notes) (not including any portion of payments of interest accrued and unpaid to the Redemption Date) discounted to the Redemption Date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 20 basis points, together with, in each case accrued and unpaid interest on the principal amount of the Notes to be redeemed to the Redemption Date. The Treasury Rate will be calculated on the third Business Day preceding the Redemption Date.

The redemption of the Notes is made pursuant to the terms of the Indenture, dated as of 8 March 2002 (the “2002 Indenture”), by and among BPCM, bp and The Bank of New York Mellon Trust Company, N.A. (as successor to JPMorgan Chase Bank), as trustee (the “Trustee”), as supplemented by the Eighteenth Supplemental Indenture, dated as of 10 May 2013 (the “Eighteenth Supplemental Indenture”), with respect to the BPCM 2.750% Notes, by the Nineteenth Supplemental Indenture, dated as of 26 September 2013 (the “Nineteenth Supplemental Indenture”), with respect to the BPCM 3.994% Notes, by the Twenty-First Supplemental Indenture, dated as of 10 February 2014 (the “Twenty-First Supplemental Indenture”), with respect to the BPCM 3.814% Notes, by the Twenty-Second Supplemental Indenture, dated as of 4 November 2014 (the “Twenty-Second Supplemental Indenture”), with respect to the BPCM 3.535% Notes, by the Twenty-Fourth Supplemental Indenture, dated as of 17 March 2015 (the “Twenty-Fourth Supplemental Indenture”), with respect to the BPCM 3.506% Notes, by the Twenty-Fifth Supplemental Indenture, dated as of 4 May 2016 (the “Twenty-Fifth Supplemental Indenture”), with respect to the BPCM 3.119% Notes, and by the Twenty-Sixth Supplemental Indenture, dated as of 16 September 2016 (the “Twenty-Sixth Supplemental Indenture”, and together with the Eighteenth Supplemental Indenture, the Nineteenth Supplemental Indenture, the Twenty-First Supplemental Indenture, the Twenty-Second Supplemental Indenture, Twenty-Fourth Supplemental Indenture and the Twenty-Fifth Supplemental Indenture, the “BPCM Indenture”), with respect to the BPCM 3.017% Notes. Capitalized terms used in this press release and not defined herein are used as defined in the BPCM Indenture.

On the relevant Redemption Date, (i) the Notes will no longer be deemed outstanding, (ii) the applicable redemption price will become due and payable on the Notes, as applicable, and, (iii) unless BPCM and bp each default in making payment of the applicable redemption price, interest on the Notes called for redemption shall cease to accrue on and after the relevant Redemption Date.

The Trustee is transmitting to registered holders of the Notes the notices of redemption containing information required by the BPCM Indenture. The Trustee will transmit notices of the applicable redemption price of the Notes to registered holders three business days prior to the Redemption Date.

The paying agent for the Notes is The Bank of New York Mellon Trust Company, N.A. and the address for delivery of the Notes is as follows:


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