Shell plc Launches Exchange Offers for $6.45B of Notes Across Six Maturities
SHEL•Shell plc has commenced exchange offers for up to $920.7 million of 3.875% 2028 notes, $2.0631 billion of 6.375% 2038 notes, $802.1 million of 5.500% 2040 notes, $691.2 million of 5.125% 2041 notes, $993.7 million of 3.125% 2049 notes and $876.8 million of 3.000% 2051 notes; tender deadline is July 8, 2026. Exchange notes will be identical in coupon and maturity but registered under the Securities Act, with transfer restrictions and registration rights removed and settlement within two business days post-expiration.
1. Exchange Offer Overview
Shell plc has commenced registered exchange offers allowing holders to tender any validly accepted restricted notes issued by Shell Finance US Inc. for equivalent registered notes. The exchange notes carry identical coupon, maturity, and guarantee features but are registered under the U.S. Securities Act and free of transfer restrictions and registration rights.
2. Note Series Details
The offers cover six series totaling approximately $6.447 billion: $920.7 million of 3.875% notes due 2028; $2.0631 billion of 6.375% notes due 2038; $802.1 million of 5.500% notes due 2040; $691.2 million of 5.125% notes due 2041; $993.7 million of 3.125% notes due 2049; and $876.8 million of 3.000% notes due 2051.
3. Timeline and Procedures
Holders may tender restricted notes until 5:00 p.m. New York City time on July 8, 2026, unless extended, with settlement expected within two business days thereafter. Participants should follow intermediary deadlines and procedural instructions to submit or withdraw tenders according to the terms of the offer.
