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Following the successful tender offers executed in September 2020 of US dollar and euro subordinated notes issued in 2015, the Board has approved a further global multi-currency subordinated repurchase plan, targeting any and all US dollar and euro subordinated notes remaining.

The multi-currency plan aims to further reduce the group’s gross debt balance, reduce associated interest costs and enhance the group’s capital structure by allocating surplus cash towards payment of the Notes pursuant to the Offers.

This is in line with BHP’s Capital Allocation Framework and consistent with the exercise conducted in September 2020. Given the momentum from the prior offers, together with attractive economics and strong commodity price environment, this is a vehicle to address the hybrid balance relative to senior debt in our portfolio.

This will provide liquidity opportunity to those euro investors who were scaled back in the September tender offer, and for investors to tender their notes in an any and all exercise with no pro-ration risk, at a level substantially above the par consideration. It provides holders of the US dollar series an opportunity to exit the stub that remains following the September exercise.

More information can be found in the exchange release.


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