Slaughter and May advised BHP in relation to tender offers for certain of its subordinated bonds

Slaughter and May advised BHP on the tender offers launched on 2 September 2020 to holders of BHP Billiton Finance (USA) Limited’s US$2,250,000,000 6.750 per cent. Subordinated Non-Call 10 Fixed Rate Reset Notes due 2075 and BHP Billiton Finance Limited’s €750,000,000 5.625 per cent. Subordinated Non-Call 9 Fixed Rate Reset Notes due 2079.

On 17 September 2020, BHP announced that the total amount validly tendered and accepted for purchase pursuant to the tender offers (in the case of the notes denominated in Euro, by converting the principal amount of such notes validly tendered and accepted for purchase into US dollars at a rate of €1.00 to US$1.1808) was US$1,545,875,273.60.

Sullivan & Cromwell LLP advised BHP on matters of US law.

The lead dealer managers for the tender offers were Deutsche Bank AG, London Branch, J.P. Morgan Securities LLC, J.P. Morgan Securities plc and Merrill Lynch International.