Shell plc offers to exchange $6.35B of restricted notes for freely tradable registered notes

Filed June 8, 2026 · ~1 min read

Key Changes

• high

  Shell will receive no cash proceeds; this is an exchange offer swapping restricted notes (issued December 8, 2025) for freely tradable registered notes with identical economic terms.

  Use of Proceeds verify on EDGAR →
• medium

  Six series of notes are being exchanged, with maturities from 2028 to 2051 and interest rates from 3.000% to 6.375%. The largest series is the 6.375% 2038 notes at up to $2.06 billion principal amount.

  Use of Proceeds verify on EDGAR →
• high

  Shell plc provides a full and unconditional senior unsecured guarantee of Exchange Notes issued by subsidiary Shell Finance US, but the guarantee is structurally subordinated to creditors of Shell's operating subsidiaries.

  Risk Factors verify on EDGAR →