By Cristal Cody
Tupelo, Miss., Feb. 9 – BP Capital Markets plc detailed its $3.1 billion of notes (A2/A-/A) that priced in four tranches on Wednesday in an FWP filing with the Securities and Exchange Commission.
The company sold $750 million of floating-rate notes due Aug. 14, 2018 at par to yield Libor plus 35 basis points.
BP Capital Markets priced $500 million in a tap of its 2.315% notes due Feb. 13, 2020 at 100.807 to yield 2.036%, or 65 bps over Treasuries.
The company originally sold $1.25 billion of the notes on Feb. 10, 2015 at par to yield a spread of 80 bps over Treasuries. The total outstanding is $1.75 billion.
In the third tranche, BP Capital priced $1 billion of 3.224% notes due April 14, 2024 at 99.994 to yield 3.224%. The notes priced with spread of Treasuries plus 110 bps.
The final $850 million tranche of 3.588% notes due April 14, 2027 priced at 99.993 to yield 3.588%. The notes were sold at a Treasuries plus 125 bps spread.
The company had added a floating-rate tranche to the earlier planned three-part deal, according to a market source.
The notes due 2018, 2020 and 2024 priced on the tight side of guidance, while the 10-year notes priced in line with talk.
Barclays, BNP Paribas Securities Corp., Deutsche Bank Securities Inc., BofA Merrill Lynch, MUFG and RBS Securities Inc. were the bookrunners.
The notes are guaranteed by parent company BP plc.
Proceeds will be used for general corporate purposes.
BP Capital Markets is a financing arm of the London-based oil and gas company.
| Issuer: | BP Capital Markets plc
|
| Guarantor: | BP plc
|
| Amount: | $3.1 billion
|
| Description: | Notes
|
| Bookrunners: | Barclays, BNP Paribas Securities Corp., Deutsche Bank Securities Inc., BofA Merrill Lynch, MUFG, RBS Securities Inc.
|
| Trade date: | Feb. 8
|
| Settlement date: | Feb. 14
|
| Ratings: | Moody’s: A2
|
| S&P: A-
|
| Fitch: A
|
|
|
| 18-month notes
|
| Amount: | $750 million
|
| Maturity: | Aug. 14, 2018
|
| Coupon: | Libor plus 35 bps
|
| Price: | Par
|
| Yield: | Libor plus 35 bps
|
| Price guidance: | Libor plus 40 bps area, plus or minus 5 bps
|
| Call feature: | None
|
|
|
| Three-year notes
|
| Amount: | $500 million reopening
|
| Maturity: | Feb. 13, 2020
|
| Coupon: | 2.315%
|
| Price: | 100.807
|
| Yield: | 2.036%
|
| Spread: | Treasuries plus 65 bps
|
| Price guidance: | Treasuries plus 70 bps area, plus or minus 5 bps
|
| Call feature: | Optional redemption at any time at greater of par and Treasuries plus 12.5 bps
|
| Total outstanding: | $1.75 billion, including $1.25 billion issued on Feb. 13, 2015
|
|
|
| Seven-year notes
|
| Amount: | $1 billion
|
| Maturity: | April 14, 2024
|
| Coupon: | 3.224%
|
| Price: | 99.994
|
| Yield: | 3.224%
|
| Spread: | Treasuries plus 110 bps
|
| Price guidance: | Treasuries plus 115 bps area, plus or minus 5 bps
|
| Call feature: | Optional redemption before Feb. 14, 2024 at greater of par and Treasuries plus 20 bps; on or after Feb. 14, 2024 at par
|
|
|
| 10-year notes
|
| Amount: | $850 million
|
| Maturity: | April 14, 2027
|
| Coupon: | 3.588%
|
| Price: | 99.993
|
| Yield: | 3.588%
|
| Spread: | Treasuries plus 125 bps
|
| Call feature: | Optional redemption before Jan. 14, 2027 at greater of par and Treasuries plus 20 bps
|
| Price guidance: | Treasuries plus 125 bps area; on or after Jan. 14, 2027 at par
|
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