Baker McKenzie Bangkok was mandated by Thai Oil Public Company Limited (TOP) and Thaioil Treasury Center Company Limited (TTCC) on their complex liability management exercise. The transaction involved a cash tender offer of the existing notes of TOP and an issuance of like-kind notes by TTCC which replicated the features of the notes repurchased by TOP.  All notes issued by TTCC are guaranteed by TOP. This is the second liability management exercise on which the Firm advised.

The transaction was led by Bangkok partner, Viroj Piyawattanametha and senior associate, Kowit Adireksombat with the full support of Bangkok's debt capital market team comprising Natcha Sihanatkathakul, Sawaporn Sophanodora, and Pongnut Mengkred.

"After the success of the liability management exercise by Ratchaburi Electricity Generating Holding Public Company Limited, we are extremely proud to be the advisor for TOP and TTCC for this relatively complex liability management exercise. Our client has valued our hands-on experience in this space and our profound knowledge of the law. We joined hands with our client throughout each and every step of the way and I cannot thank them and our team enough for their perseverance which enabled us to overcome all the hurdles together. Liability management exercises have inevitably become a new avenue for many companies to manage and improve their liability. I foresee more companies tapping this exercise in the near future ”, Viroj commented.

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