Shell Launches Exchange Offer for Approximately $6.35 Billion in Bonds
Shell plc announces the launch of exchange offers aimed at converting several series of unregistered bonds issued by Shell Finance US into registered bonds with U.S. authorities. The transaction involves six series of guaranteed notes, with an aggregate principal of approximately $6.35 billion, with maturities ranging from 2028 to 2051.
Six Bond Series Involved in the Exchange
The offer covers six distinct series of guaranteed bonds issued by Shell Finance US and fully and unconditionally guaranteed by Shell plc. The securities involved include $920.732 million of 3.875% guaranteed notes maturing in 2028, $2.063 billion of 6.375% guaranteed notes maturing in 2038, $802.108 million of 5.500% guaranteed notes maturing in 2040, $691.199 million of 5.125% guaranteed notes maturing in 2041, $993.714 million of 3.125% guaranteed notes maturing in 2049, and $876.828 million of 3.000% guaranteed notes maturing in 2051. The total represents an aggregate principal of approximately $6.35 billion.
Operation Governed by a Prospectus Filed with the SEC
Holders may tender their securities to the exchange offer until 5 PM New York time on July 8, 2026, unless the operation is extended. Tendered securities may be withdrawn prior to this date according to the procedures described in the prospectus. The settlement of the transaction is expected shortly after the expiration date, within a planned period of two business days.
A Technical Operation with No Substantial Economic Modification of the Debt
The release specifies that the exchange offer does not constitute an offer to sell or a solicitation of an offer to buy securities outside the scope of the prospectus. Shell and the exchange agent make no recommendation to holders, who must decide for themselves whether to tender their bonds to the offer.
