BP Amoco PLC
30 January 2001
BP SUCCESSFULLY PRICES LUKOIL MONETISATION
BP announced today that it has successfully priced the transaction launched
yesterday to monetise its stake in Lukoil, Russia's leading oil company,
through a combined ADR placement and exchangeable bond offering.
The ADR placement and bond offering were sized and priced at the close of
business in New York last night (Monday, January 29).
Tony Hayward, BP's group vice president, Finance said: 'This sale has been a
tremendous success. There was very substantial, high quality demand for both
the placement and offering and the book building process was completed in a
single day.'
'The bond issue was heavily oversubscribed and supported a larger than
expected ADR placement. We sold some $237 million (41 per cent of our stake)
in ADR form, priced at $40.375 per ADR and $420 million (59 per cent of our
stake) in exchangeable bonds, which carry a 3 per cent coupon and 23.8 per
cent exchange premium.'
'We were keen to sell to institutional funds who are long term investors in
emerging markets, including Russia, and are very pleased with the outcome.'
Credit Suisse First Boston and UBS Warburg conducted the sale on behalf of BP.
Further enquiries:
BP:
Press: Ian Stewart, press office, London: +44 (0)20 7496 4324
Analysts: Peter Hall, Investor Relations, London: +44 (0)20 7496 4956
CSFB:
Press: Maria Marinos, press officer: +44 (020) 7888 6499
Analysts: Simon Menneer, Managing Director,
European Natural Resources: + 44 (020) 7888 1873
UBS Warburg:
Press: Iona Lawson, Media Communications: +44 (020) 7568 2910
Analysts: Peter Thompson, Co-Head, European M&A: +44 (020) 7568 2845
This press release is not an offer of Securities for sale in the United
States. Securities may not be offered or sold in the United States absent
registration or an exemption from registration.
Stabilisation: FSA
- ENDS -
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