BP p.l.c. (bp) announced that its wholly-owned subsidiaries BP Capital Markets (BPCM) and BP Capital Markets America (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.

BPCM will redeem the BPCM 2.520% Notes and BPCMA will redeem the BPCMA 2.520% 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 that would be due if such notes matured on August 19, 2022 (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 12.5 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 2.520% Redemption Price, and together with 3.245% Redemption Price, the Redemption Price). The Treasury Rate will be calculated on the third Business Day preceding the Redemption Date.

The redemption of the BPCM 3.245% Notes and the BPCM 2.520% Notes is made pursuant to the terms of the Indenture, dated as of 8 March 2002 (the 2002 Indenture), by and among BPCM, bp and The Bank of New York Mellon Trust Company, N.A. (as successor to JPMorgan Chase Bank), as trustee (the Trustee), as supplemented by the Sixteenth Supplemental Indenture, dated as of 7 May 2012 (the Sixteenth Supplemental Indenture), with respect to the BPCM 3.245% Notes, and as further supplemented by the Twenty-Ninth Supplemental Indenture, dated as of 19 September 2017 (the Twenty-Ninth Supplemental Indenture, and together with the Sixteenth Supplemental Indenture and the 2002 Indenture, the “BPCM Indenture”), with respect to the BPCM 2.520% Notes.

The redemption of the BPCMA 3.245% Notes and the BPCMA 2.520% Notes is made pursuant to the terms of the Indenture, dated as of 4 June 2003 (the 2003 Indenture), by and among BPCMA, bp and the Trustee, as supplemented by the Third Supplemental Indenture, dated as of 14 December 2018 (the “Third Supplemental Indenture”, and together with the 2003 Indenture, the BPCMA Indenture), with respect to the BPCMA 3.245% Notes and the BPCMA 2.520% Notes. Capitalized terms used in this press release and not defined herein are used as defined in the BPCM Indenture or the BPCMA Indenture, as applicable.