BP p.l.c. (“BP”) (LSE: BP) (FWB: BPE) (NYSE: BP) today announced the commencement of offers to exchange (the “Exchange Offers” and each, an “Exchange Offer”) any and all validly tendered (and not validly withdrawn) and accepted notes up to a maximum amount of $10.6 billion (the “Maximum Amount”) of twenty-three series of notes issued by BP Capital Markets p.l.c. (“BP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”) as described in the table below. The terms of the Old Notes and New Notes are substantially identical, except for the issuing entity. A Registration Statement on Form F-4 (the “Registration Statement”) relating to the issuance of the New Notes was filed with the Securities and Exchange Commission (“SEC”) today but has not yet been declared effective.
If any series of Old Notes is accepted for exchange, all Old Notes of that series that are validly tendered and not validly withdrawn will be accepted for exchange. Accordingly, no series of Old Notes will be subject to proration pursuant to the Exchange Offers.
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