石油贸易及船运公司泰山石化集团近日发行价值3.15亿美元的优先票据。

此次交易泰山由长期法律顾问世达提供法律服务。票据持有人由美国美邦律师事务所担任法律顾问而经办人则由美国盛德国际律师事务所提供法律咨询。

Skadden has advised Titan Petrochemicals Group on its US$315m debt restructuring by way of a senior notes offering – the first successful out-of-court restructuring of widely held Chinese high-yield notes.

Titan is a Fujian-based and Hong Kong-listed oil storage and shipyard operator. It offered to exchange all of its outstanding 8.5% senior notes due 2012, valued at $US315m, for a combination of new convertible notes due 2015, payment in kind notes due 2015 and cash.

Skadden previously advised the company on its US$400m high-yield bond offering in 2008 and its US$175m investment by Warburg Pincus. Milbank’s restructuring team was led by Hong Kong-based partner Joshua Zimmerman, and advised the ad hoc committee of institutional note holders – a diverse mix of hedge funds, private banks, proprietary trading desks and retail holders spread out across Asia, Europe and the US. Collectively they accounted for about US$120m of the notes offered.

“There were no anchor investors to drive the process so we devoted a lot of time to seeking consensus,” said Zimmerman. “Titan's restructuring demonstrates that a PRC business, its note holders and new equity investors can come together to agree to the terms of a restructuring of Chinese high-yield debt,” he added.

Titan Petrochemicals Group is a unique provider of oil logistics and marine services in the Asia-Pacific region, particularly in China. Its shipyard is based in Quanzhou, Fujian and is one of the largest ship repair yards in the world.

Other firms that Titan regularly instructs include AllBright, Richards Butler, Rajah & Tann, TSMP Law Corporation, Conyers Dill & Pearman and Holman Fenwick. ALB

Related stories:

• Lathams, Denton and Skadden advise on Qatar's bumper bond issue (1 December 2009)
• Latham & Watkins opens Beijing office (6 January 2010)