Baker & McKenzie and Latham & Watkins have represented Thailand’s Thaioil on its offering of $1 billion dual-tranche senior unsecured fixed-rate notes to foreign institutional investors.
Baker & McKenzie advised Thaioil on Thai law, while Latham & Watkins acted as U.S. counsel. Allen & Overy advised Barclays, HSBC, and Standard Chartered Bank, which acted as joint bookrunners and joint lead managers, on both Thai and US laws.
Thaioil, Thailand's leading integrated publicly-listed refining and petrochemical company, is a division of the state-owned conglomerate, PTT Public Company Ltd. The Reg S/144A transaction was split equally in two tranches, and the dollar-denominated senior unsecured notes were listed on the Singapore Exchange. The funds raised will be used for general corporate purposes, working capital, capital expenditures and/or refinancing existing debt.
The Baker & McKenzie team was led by Bangkok-based capital markets partner Viroj Piyawattanametha. Hong Kong partner James Grandolfo led the Allen & Overy team with assistance from partner Suparerk Auychai in Thailand.
This was the second international bond offering in which Baker & McKenzie had represented affiliate companies within the PTT group in less than six months, after having also advised on the inaugural $1 billion issuance of senior unsecured notes by PTT Global Chemical Public Company Ltd. Allen & Overy also advised the underwriters on that.
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