Davis Polk & Wardwell, Walkers, Linklaters, and Commerce & Finance recently acted in CNOOC Finance’s $2 billion guaranteed bond offering worth.
The two part Reg S/144A notes comprised $1.5 billion ten-year notes at 3.875 percent yield due 2022, and $500 million 30-year notes at 5 percent due 2042. The notes were listed on the Hong Kong Stock Exchange.
The issuer is a wholly-owned subsidiary of China National Offshore Oil Corporation (CNOOC), China’s top offshore oil producer and one of the world’s largest independent oil and natural gas exploration and production companies in terms of reserves and production.
Barclays Bank, BOCI Asia, and Citigroup Global Markets were the joint lead managers.
Davis Polk represented the issuer on U.S. and Hong Kong law aspects, with a team headed by partners Eugene C. Gregor, Antony Dapiran, Lucy W. Farr, John D. Paton, and John B. Reynolds III from across the firm’s Tokyo, Beijing, Hong Kong, New York, Washington DC and London offices. Walkers, meanwhile, advised CNOOC on British Virgin Islands law.
Linklaters and Commerce & Finance Law Offices were the counsels to the joint lead managers as to U.S. law and PRC law, respectively. ALB
Liu Zhen is North Asia senior journalist at ALB. Follow her on Twitter: @ALB_Magazine.
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