Baker & McKenzie Advises PTT Global Chemical on USD1 Billion Inaugural Bond Offering
Deal Announcement
8 October 2012
Bangkok, Thailand, 8 October 2012 – Baker & McKenzie recently advised PTT Global Chemical (PTTGC) on its inaugural USD1 billion issuance of senior unsecured notes due in 2022. The notes, which were listed on the Singapore Exchange (SGX), represent the largest ever single-tranche US dollar bond offering by a Thai corporate entity.
PTTGC, a public company and Thailand’s largest integrated petrochemical and petroleum refining company, is an affiliate of PTT Public Company Limited, and one of the most profitable companies in Thailand. PTTGC was formed almost exactly a year ago through the amalgamation of PTT Aromatics and Refining Public Company Limited (PTTAR) and PTT Chemical Public Company Limited (PTTCH), on which Baker & McKenzie also advised.
The Baker & McKenzie team, which advised on all Thai legal aspects of the deal, was led by Bangkok-based capital markets Partner Viroj Piyawattanametha and assisted by associate Kowit Adireksombat. This is the second major bond offering that Baker & McKenzie has worked on this year. The Firm also represented PTT Exploration and Production Public Company Limited (PTTEP) on its THB5 billion hybrid bonds offering − the first such offering by a non-financial institution in Thailand's history.
Commenting on the transaction, Mr. Piyawattanametha, who has extensive experience in complex capital markets transactions in Thailand, said, “We were delighted to assist PTTGC, one of our most valued clients, on this offering. The company has ambitious plans for growing its existing business over the next few years and this will help them raise the capital to bring such plans to fruition.”
Barclays, Goldman Sachs (Asia) L.L.C., The Royal Bank of Scotland, and Standard Chartered Bank acted as joint bookrunners and joint lead managers.