10:24 AM EST, 11/03/2025 (MT Newswires) -- Shell (SHEL) said Monday it has commenced an offer to exchange five series of notes issued by Shell International Finance and one series of notes issued by BG Energy Capital.

The notes will be exchanged for a combination of cash and a corresponding series of new notes to be issued by Shell Finance US on a private placement basis, and fully and unconditionally guaranteed by Shell, the company said.

The exchange offer will expire on Dec. 3, unless extended, Shell said, adding that holders must tender their notes by Nov. 17 in order to receive the total consideration.

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