bp announces redemption of USD 2.45 billion of outstanding notes

BP announced today that its wholly-owned subsidiaries BP Capital Markets p.l.c. (“BPCM”) and BP Capital Markets America Inc. (“BPCMA”) are exercising the option to redeem the total outstanding aggregate principal amounts of the following notes on 13 July 2021 (the “Redemption Date”):

BPCM will redeem the BPCM 3.245% Notes and BPCMA will redeem the BPCMA 3.245% Notes at a redemption price equal to the greater of (i) 100% of the 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 “3.245% Redemption Price”).

The Treasury Rate will be calculated on the third Business Day preceding the Redemption Date.

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