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| Name | Symbol | Market | Type |
|---|---|---|---|
| BP Plc | NYSE:BP | NYSE | Depository Receipt |
| Price Change | % Change | Price | High Price | Low Price | Open Price | Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|
| -0.87 | -2.20% | 38.60 | 39.66 | 38.73 | 39.59 | 12,084,952 | 00:34:07 |
From May 2019 to May 2024
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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