BP Capital Markets America Inc. Announces Final Results of Exchange Offers
NEW YORK, Dec. 13, 2018 /PRNewswire/ -- BP p.l.c. ("BP") (LSE: BP) (FWB: BPE5) (NYSE: BP) today announced the final results of its previously announced offers to exchange (the "Exchange Offers" and each, an "Exchange Offer") any and all validly tendered (and not validly withdrawn) and accepted notes up to a maximum amount of $10.6 billion (the "Maximum Amount") of twenty-three series of notes issued by BP Capital Markets p.l.c. ("BP Capital U.K.") (the "Old Notes") for a combination of cash and new notes to be issued by BP Capital Markets America Inc. ("BP Capital America" or the "Issuer") and fully and unconditionally guaranteed by BP (the "New Notes"). A Registration Statement on Form F-4 (File Nos. 333-228369 and 333-228369-01) (the "Registration Statement") relating to the issuance of the New Notes was filed with the Securities and Exchange Commission ("SEC") on November 14, 2018 (as amended by Amendment No. 1 to the Registration Statement filed with the SEC on November 28, 2018) and was declared effective by the SEC on December 7, 2018.
Based on information provided by D.F. King & Co. Inc., the Exchange Agent and Information Agent for the Exchange Offers, $18,245,902,000 aggregate principal amount of the Old Notes were validly tendered prior to or at 11:59 p.m., New York City time, on December 12, 2018 (the "Expiration Time") and not validly withdrawn.
The total aggregate principal amount of the Old Notes tendered and accepted in the Exchange Offers is $10,547,829,000. The aggregate principal amount of Old Notes validly tendered for exchange and not validly withdrawn as of the Expiration Time exceeded the Maximum Amount. Because the aggregate principal amount of Old Notes validly tendered prior to or at the Expiration Time and not validly withdrawn exceeded the Maximum Amount, the Issuer will not accept for exchange all such Old Notes that have been tendered and will only accept those Old Notes noted in the table below. All Old Notes validly tendered (and not validly withdrawn) as of the Expiration Time in Acceptance Priority Levels 1 through 11 and Acceptance Priority Level 20 satisfied the applicable Minimum Size Condition and the Maximum Amount Condition (each as described in BP's prospectus, dated as of December 10, 2018 (the "Prospectus")) and were accepted for exchange. No Old Notes tendered in Acceptance Priority Levels 12 through 19 and Acceptance Priority Levels 21 through 23 were accepted for exchange.
The following table indicates, among other things, the principal amount of Old Notes validly tendered and accepted for exchange in the Exchange Offers:
Series of Old Notes Offered for
Old CUSIP/ISIN Acceptance Priority Level Aggregate Principal Amount Aggregate Principal Amount Tendered Aggregate Principal Amount Tendered
Outstanding ($MM) and Accepted
New CUSIP/ISIN No.
Exchange No.
--- ---
3.588% Guaranteed Notes due 2027
05565QDM7 / 1 $850 $613,709,000 $613,709,000
10373QAZ3 / US10373QAZ37
US05565QDM78
3.017% Guaranteed Notes due 2027
05565QDF2 / 2 $1,000 $876,418,000 $876,418,000
10373QAV2 / US10373QAV23
US05565QDF28
3.119% Guaranteed Notes due 2026
05565QDB1 / 3 $1,250 $998,577,000 $998,577,000
10373QAT7 / US10373QAT76
US05565QDB14
3.224% Guaranteed Notes due 2024
05565QDL9 / 4 $1,000 $903,287,000 $903,287,000
10373QAY6 / US10373QAY61
US05565QDL95
3.216% Guaranteed Notes due 2023
05565QDG0 / 5 $1,200 $993,940,000 $993,940,000
10373QAW0 / US10373QAW06
US05565QDG01
2.750% Guaranteed Notes due 2023
05565QCD8 / 6 $1,500 $1,101,848,000 $1,101,848,000
10373QAL4 / US10373QAL41
US05565QCD88
2.520% Guaranteed Notes due 2022
05565QDP0 / 7 $700 $564,959,000 $564,959,000
10373QBA7 / US10373QBA76
US05565QDP00
3.245% Guaranteed Notes due 2022
05565QBZ0 / 8 $1,750 $1,400,177,000 $1,400,177,000
10373QAJ9 / US10373QAJ94
US05565QBZ00
2.112% Guaranteed Notes due 2021
05565QDD7 / 9 $750 $603,443,000 $603,443,000
10373QAU4 / US10373QAU40
US05565QDD79
4.742% Guaranteed Notes due 2021
05565QBR8 / 10 $1,400 $1,127,316,000 $1,127,316,000
10373QAG5 / US10373QAG55
US05565QBR83
4.50% Guaranteed Notes due 2020
05565QBP2 / 11 $1,500 $1,182,004,000 $1,182,004,000
10373QAF7 / US10373QAF72
US05565QBP28
2.521% Guaranteed Notes due 2020
05565QCT3 / 12 $1,250 $488,493,000 $0
-
US05565QCT31
3.279% Guaranteed Notes due 2027
05565QDN5 / 13 $1,500 $1,313,311,000 $0
-
US05565QDN51
3.535% Guaranteed Notes due 2024
05565QCS5 / 14 $750 $606,167,000 $0
-
US05565QCS57
3.994% Guaranteed Notes due 2023
05565QCJ5 / 15 $750 $624,978,000 $0
-
US05565QCJ58
2.500% Guaranteed Notes due 2022
05565QCB2 / 16 $1,000 $714,903,000 $0
-
US05565QCB23
3.561% Guaranteed Notes due 2021
05565QBU1 / 17 $1,000 $647,725,000 $0
-
US05565QBU13
3.814% Guaranteed Notes due 2024
05565QCP1 / 18 $1,250 $1,042,806,000 $0
-
US05565QCP19
3.062% Guaranteed Notes due 2022
05565QCZ9 / 19 $1,000 $772,659,000 $0
-
US05565QCZ90
Floating Rate Guaranteed Notes due 2022
05565QDQ8US0 20 $300 $182,151,000 $182,151,000
10373QBD1 / US10373QBD16
5565QDQ82
Floating Rate Guaranteed Notes due 2021
05565QDE5 / 21 $250 $163,035,000 $0
-
US05565QDE52
3.723% Guaranteed Notes due 2028
05565QDH8 / 22 $800 $570,625,000 $0
-
US05565QDH83
3.506% Guaranteed Notes due 2025
05565QDA3 / 23 $1,000 $753,371,000 $0
-
US05565QDA31
Total amount tendered and accepted in the Exchange Offers $10,547,829,000
Settlement and issuance of the New Notes to be issued in exchange for Old Notes validly tendered and accepted for exchange is expected to occur on December 14, 2018.
The Exchange Offers were made pursuant to the terms and conditions set forth in the Prospectus, which forms a part of the Registration Statement.
The dealer managers for the Exchange Offers relating to the Old Notes are:
Barclays
BofA Merrill Lynch
Goldman Sachs & Co. LLC
745 Seventh Avenue, 5th Floor
214 North Tryon Street, 14th Floor
200 West Street
New York, New York 10019
Charlotte, North Carolina 28255
New York, New York 10282
U.S.A.
U.S.A.
U.S.A.
Attention: Liability Management Group
Attention: Liability Management Group
Attn: Liability Management Group
By Telephone:
By Telephone:
By Telephone:
In the U.S.
In the U.S.
In the U.S.
Toll free: (800) 438-3242
Toll-Free: (888) 292-0070
Toll Free: (800) 828-3182
Collect: (212) 528-7581
Collect: (980) 683-3215
Collect: (212) 902-6941
In Europe
In Europe
In Europe
London: +44 203 134 8515
London: +44 207 996 5420
London: +44 20 7774 9862
By Email: liability.management@barclays.com
By Email:
By Email: liabilitymanagement.eu@gs.com
DG.LM_EMEA@baml.com
The exchange agent and information agent for the Exchange Offers relating to the Old Notes is:
D.F. King & Co., Inc.
By
Phone:
By E-Mail: By Mail or Hand:
48 Wall Street, 22nd
Floor
Bank and
Brokers
Call
Collect:
bp@dfking.com
New York, NY 10005
+1 (212)
269-5550
All
Others,
Please
Call
Toll-
Free:
+1 (877)
674-6273
This press release is not an offer to sell or a solicitation of an offer to buy any of the securities described herein. The Exchange Offers were made solely pursuant to the terms and conditions of the Prospectus, and the other related materials.
There will not be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction.
Non-U.S. Distribution Restrictions
European Economic Area. The New Notes are not intended to be offered, sold or otherwise made available to and should not be offered, sold or otherwise made available to any retail investor in the European Economic Area ("EEA"). For these purposes, a retail investor means a person who is one (or more) of: (i) a retail client as defined in point (11) of Article 4(1) of Directive 2014/65/EU (as amended, "MiFID II"); or (ii) a customer within the meaning of Directive 2002/92/EC (as amended, the "Insurance Mediation Directive"), where that customer would not qualify as a professional client as defined in point (10) of Article 4(1) of MiFID II; or (iii) not a qualified investor as defined in Directive 2003/71/EC (as amended, the "Prospectus Directive"). Consequently no key information document required by Regulation (EU) No 1286/2014 (as amended, the "PRIIPs Regulation") for offering or selling the New Notes or otherwise making them available to retail investors in the EEA has been prepared and therefore offering or selling the New Notes or otherwise making them available to any retail investor in the EEA may be unlawful under the PRIIPs Regulation.
MiFID II product governance / Professional investors and ECPs only target market--In the EEA and solely for the purposes of the product approval process conducted by any Dealer Manager who is a manufacturer with respect to the New Notes for the purposes of the MiFID II product governance rule under EU Delegated Directive 2017/593 (each, a "manufacturer"), the manufacturers' target market assessment in respect of the New Notes has led to the conclusion that: (i) the target market for the New Notes is eligible counterparties and professional clients only, each as defined in MiFID II; and (ii) all channels for distribution of the New Notes to eligible counterparties and professional clients are appropriate. Any person subsequently offering, selling or recommending the New Notes (a "distributor") should take into consideration the manufacturers' target market assessment; however, a distributor subject to MiFID II is responsible for undertaking its own target market assessment in respect of the New Notes (by either adopting or refining the manufacturers' target market assessment) and determining appropriate distribution channels.
Belgium. Neither the Prospectus nor any other documents or materials relating to the Exchange Offers have been submitted to or will be submitted for approval or recognition to the Belgian Financial Services and Markets Authority ("Autorité des services et marchés financiers"/"Autoriteit voor Financiële Diensten en Markten"). The Exchange Offers are not being, and may not be, made in Belgium by way of a public offering, as defined in Articles 3, §1, 1° and 6, §1 of the Belgian Law of April 1, 2007 on public takeover bids ("loi relative aux offres publiques d'acquisition"/"wet op de openbare overnamebiedingen") (the "Belgian Takeover Law") or as defined in Article 3, §1 of the Belgian Law of June 16, 2006 on the public offer of investment instruments and the admission to trading of investment instruments on a regulated market ("loi relative aux offres publiques d'instruments de placement et aux admissions d'instruments de placement à la négociation sur des marchés réglementés"/"wet op de openbare aanbieding van beleggingsinstrumenten en de toelating van beleggingsinstrumenten tot de verhandeling op een gereglementeerde markt") (the "Belgian Prospectus Law"), both as amended or replaced from time to time. Accordingly, the Exchange Offers may not be, and are not being, advertised and the Exchange Offers will not be extended, and neither the Prospectus nor any other documents or materials relating to the Exchange Offers (including any memorandum, information circular, brochure or any similar documents) has been or shall be distributed or made available, directly or indirectly, to any person in Belgium other than (i) to persons which are "qualified investors" ("investisseurs qualifiés"/"gekwalificeerde beleggers") as defined in Article 10, §1 of the Belgian Prospectus Law, acting on their own account, as referred to in Article 6, §3 of the Belgian Takeover Law or (ii) in any other circumstances set out in Article 6, §4 of the Belgian Takeover Law and Article 3, §4 of the Belgian Prospectus Law. The Prospectus has been issued only for the personal use of the above qualified investors and exclusively for the purpose of the Exchange Offers. Accordingly, the information contained in the Prospectus or in any other documents or materials relating to the Exchange Offers may not be used for any other purpose or disclosed or distributed to any other person in Belgium.
France. The Exchange Offers are not being made, directly or indirectly, to the public in the Republic of France. Neither the Prospectus nor any other documents or materials relating to the Exchange Offers have been or shall be distributed to the public in France and only (i) providers of investment services relating to portfolio management for the account of third parties (personnes fournissant le service d'investissement de gestion de portefeuille pour compte de tiers) and/or (ii) qualified investors (investisseurs qualifiés) other than individuals, in each case acting on their own account and all as defined in, and in accordance with, Articles L.411-1, L.411-2, D.321-1 and D.411-1 of the French Code Monétaire et Financier, are eligible to participate in the Exchange Offers. The Prospectus and any other document or material relating to the Exchange Offers have not been and will not be submitted for clearance to nor approved by the Autorité des marchés financiers."
Italy. None of the Exchange Offers, the Prospectus or any other documents or materials relating to the Exchange Offers or the New Notes have been or will be submitted to the clearance procedure of the Commissione Nazionale per le Società e la Borsa ("CONSOB"). The Exchange Offers are being carried out in the Republic of Italy as exempted offers pursuant to article 101-bis, paragraph 3-bis of the Legislative Decree No. 58 of 24 February 1998, as amended (the "Financial Services Act") and article 35-bis, paragraph 3, of CONSOB Regulation No. 11971 of 14 May 1999, as amended (the "Issuers' Regulation") and, therefore, are intended for, and directed only at, qualified investors (investitori qualificati) (the "Italian Qualified Investors"), as defined pursuant to Article 100, paragraph 1, letter (a) of the Financial Services Act and Article 34-ter, paragraph 1, letter (b) of the Issuers' Regulation. Accordingly, the Exchange Offers cannot be promoted, nor may copies of any document related thereto or to the New Notes be distributed, mailed or otherwise forwarded, or sent, to the public in Italy, whether by mail or by any means or other instrument (including, without limitation, telephonically or electronically) or any facility of a national securities exchange available in Italy, other than to Italian Qualified Investors. Persons receiving this prospectus must not forward, distribute or send it in or into or from Italy. Noteholders or beneficial owners of the Old Notes that are resident or located in Italy can offer to exchange the notes pursuant to the Exchange Offers through authorized persons (such as investment firms, banks or financial intermediaries permitted to conduct such activities in Italy in accordance with the Financial Services Act, CONSOB Regulation No. 16190 of 29 October 2007, as amended from time to time, and Legislative Decree No. 385 of 1 September 1993, as amended) and in compliance with applicable laws and regulations or with requirements imposed by CONSOB or any other Italian authority. Each intermediary must comply with the applicable laws and regulations concerning information duties vis-à-vis its clients in connection with the Old Notes, the New Notes, the Exchange Offers or the Prospectus.
United Kingdom. The Prospectus is only being distributed to and is only directed at (i) persons who are outside the United Kingdom or (ii) investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the "Order") or (iii) high net worth entities, and other persons to whom it may lawfully be communicated, falling within Article 49(2)(a) to (d) of the Order (all such persons together being referred to as "relevant persons"). The New Notes are only available to, and any invitation, offer or agreement to subscribe, purchase or otherwise acquire the New Notes will be engaged in only with, relevant persons. Any person who is not a relevant person should not act or rely on this document or any of its contents.
Hong Kong. The New Notes may not be offered or sold by means of any document other than (i) in circumstances which do not constitute an offer to the public within the meaning of the Companies Ordinance (Cap.32, Laws of Hong Kong), or (ii) to "professional investors" within the meaning of the Securities and Futures Ordinance (Cap.571, Laws of Hong Kong) and any rules made thereunder, or (iii) in other circumstances which do not result in the document being a "prospectus" within the meaning of the Companies Ordinance (Cap.32, Laws of Hong Kong), and no advertisement, invitation or document relating to the New Notes may be issued or may be in the possession of any person for the purpose of issue (in each case whether in Hong Kong or elsewhere), which is directed at, or the contents of which are likely to be accessed or read by, the public in Hong Kong (except if permitted to do so under the laws of Hong Kong) other than with respect to New Notes which are or are intended to be disposed of only to persons outside Hong Kong or only to "professional investors" within the meaning of the Securities and Futures Ordinance (Cap. 571, Laws of Hong Kong) and any rules made thereunder.
Japan. The New Notes have not been and will not be registered under the Financial Instruments and Exchange Law of Japan (the Financial Instruments and Exchange Law) and each underwriter has agreed that it will not offer or sell any New Notes, directly or indirectly, in Japan or to, or for the benefit of, any resident of Japan (which term as used herein means any person resident in Japan, including any corporation or other entity organized under the laws of Japan), or to others for re-offering or resale, directly or indirectly, in Japan or to a resident of Japan, except pursuant to an exemption from the registration requirements of, and otherwise in compliance with, the Financial Instruments and Exchange Law and any other applicable laws, regulations and ministerial guidelines of Japan.
Singapore. The prospectus has not been registered as a prospectus with the Monetary Authority of Singapore. Accordingly, and if the Issuer has not notified the dealer(s) on the classification of the New Notes under and pursuant to Section 309(B)(1) of the Securities and Futures Act, Chapter 289 Singapore (the "SFA"), The prospectus and any other document or material in connection with the offer or sale, or invitation for subscription or purchase, of the New Notes may not be circulated or distributed, nor may the New Notes be offered or sold, or be made the subject of an invitation for subscription or purchase, whether directly or indirectly, to persons in Singapore other than (i) to an institutional investor under Section 274 of Chapter 289 of the SFA, (ii) to a relevant person, or any person pursuant to Section 275(1A), and in accordance with the conditions, specified in Section 275 of the SFA or (iii) otherwise pursuant to, and in accordance with the conditions of, any other applicable provision of the SFA.
Where the New Notes are subscribed or purchased under Section 275 of the SFA by a relevant person which is: (a) a corporation (which is not an accredited investor) the sole business of which is to hold investments and the entire share capital of which is owned by one or more individuals, each of whom is an accredited investor; or (b) a trust (where the trustee is not an accredited investor) whose sole purpose is to hold investments and each beneficiary is an accredited investor, shares, debentures and units of shares and debentures of that corporation or the beneficiaries' rights and interest in that trust shall not be transferable for six months after that corporation or that trust has acquired the New Notes under Section 275 except: (1) to an institutional investor under Section 274 of the SFA or to a relevant person, or any person pursuant to Section 275(1A), and in accordance with the conditions, specified in Section 275 of the SFA; (2) where no consideration is given for the transfer; or (3) by operation of law.
Singapore Securities and Futures Act Product Classification--Solely for the purposes of its obligations pursuant to sections 309B(1)(a) and 309B(1)(c) of the SFA, the Company has determined, and hereby notifies all relevant persons (as defined in Section 309A of the SFA) that the shares are "prescribed capital markets products" (as defined in the Securities and Futures (Capital Markets Products) Regulations 2018) and Excluded Investment Products (as defined in MAS Notice SFA 04-N12: Notice on the Sale of Investment Products and MAS Notice FAA-N16: Notice on Recommendations on Investment Products).
Further information:
BP press office, London: +44 (0)20 7496 4076, bppress@bp.com
BP press office, Houston: +1 281 366 4463, uspress@bp.com
Cautionary Statement:
In order to utilize the 'safe harbor' provisions of the United States Private Securities Litigation Reform Act of 1995 (the 'PSLRA') and the general doctrine of cautionary statements, BP is providing the following cautionary statement. This press release contains certain forward-looking statements - that is, statements related to future, not past events and circumstances - which may relate to one or more of the financial condition, results of operations and businesses of BP and certain of the plans and objectives of BP with respect to these items. These statements are generally, but not always, identified by the use of words such as 'will', 'expects', 'is expected to', 'aims', 'should', 'may', 'objective', 'is likely to', 'intends', 'believes', 'anticipates', 'plans', 'we see' or similar expressions. Actual results may differ from those expressed in such statements, depending on a variety of factors including the risk factors set forth in our most recent Annual Report and Form 20-F under "Risk factors" and in any of our more recent public reports.
Our most recent Annual Report and Form 20-F and other period filings are available on our website at www.bp.com, or can be obtained from the SEC by calling 1-800-SEC-0330 or on its website at www.sec.gov.
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SOURCE BP p.l.c.
