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BP Plc announced a cash tender offer for its USD 4.375% Perp with an outstanding principal of $2.5bn. The aggregate principal amount of the subordinated notes that will be purchased via the offer is capped at $1.3bn, upsized from the $1bn announced earlier. The tender offer will see BP pay $990 per $1,000 in principal, with the offer expiring on March 25. There is an early tender premium of $30 per $1,000 if notes are tendered before the early deadline March 8. The buyback offer represents a 0.6 point upside to the current offer price of the bond.
Its 4.375% Perp inched higher and currently trades at offer price of 98.4 cents on the dollar, yielding 5.66%
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