BP to Raise GBP400 Million of New Debt Financing for General Corporate Purposes
May 19 2016 - 3:05AM
Dow Jones News
By Ian Walker
LONDON--Oil giant BP PLC (BP.LN) said Thursday it is raising 400
million pounds ($583.4 million) through the issue of convertible
bonds that will be used for general corporate purposes and to buy
cash-settled call options.
BP said the bonds, which have a seven-year maturity, will be
issued by BP Capital and guaranteed by BP.
An affiliate of BP Capital will buy cash-settled call options on
the ordinary shares, to hedge the exposure to pay cash under the
bonds upon any exercise of conversion rights, the company said.
The bonds will be offered through an accelerated book building
process and a private placement to institutional investors outside
the U.S., Australia, Canada, Japan and any other jurisdiction.
-Write to Ian Walker at ian.walker@wsj.com; @IanWalk40289749
(END) Dow Jones Newswires
May 19, 2016 02:50 ET (06:50 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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