Skadden, Arps, Slate, Meagher & Flom, Davis Polk & Wardwell, Haiwen & Partners and Conyers Dill & Pearman have acted in Sinopec’s $3 billion senior notes issuance. The transaction is the first global debt offering by the oil and petrochemicals giant, and the largest cross border debt offering by a PRC company to date.
Sinopec Group Overseas Development, a wholly-owned subsidiary of China Petrochemical Corporation (Sinopec), engaged Citigroup Global Markets, the Hong Kong and Shanghai Banking Corporation, and BOCI Asia as joint global coordinators for the offering of its $1 billion 2.75 percent senior notes due 2017, $1 billion 3.9 percent notes due 2022, and $1 billion 4.875 percent notes due 2042.
Skadden, Haiwen and Conyers acted as issuer’s counsel on U.S. and Hong Kong law, PRC law, and BVI law respectively. Davis Polk, meanwhile, provided legal advice to the joint global coordinators, as well as the initial purchasers, including Citigroup Global Markets, HSBC, BOCI Asia, Barclays, Goldman Sachs, J.P. Morgan Securities, Mizuho Securities (USA), UBS, DBS, Deutsche Bank, ICBC International Securities, Merrill Lynch, SG Americas Securities and Standard Chartered Bank.
The Davis Polk team featured the following partners: Tokyo-based Eugene C. Gregor, Beijing-based Li He, Hong Kong-based Paul Chow, and London tax partner John D. Paton.
Liu Zhen is North Asia senior journalist at ALB. Follow us on Twitter: @ALB_Magazine.
Other related stories:
