Baker & McKenzie recently represented Thai Oil Public Company Limited (TOP) on its offering of USD 1 billion dual-tranche senior unsecured fixed-rate notes to foreign institutional investors in accordance with Rule 144A and Regulation S. This marks the second major international bond offering in which Baker & McKenzie has represented affiliate companies within the PTT group in less than six months.
TOP, a part of the PTT group, is a refining and petrochemical company with the largest single-site refinery in Thailand. The PTT group is one of the most profitable companies in Thailand and the only Thai company to be ranked on the Fortune Global 500 2012 list.
The Baker & McKenzie team was led by Bangkok-based Capital Markets Partner Viroj Piyawattanametha, who has extensive experience in capital markets transactions in Thailand. He was assisted by associates Kowit Akireksombat and Natcha Sihanatkathakul.
“It’s been a privilege to advise on another exciting and monumental deal such as this, after having also advised on the inaugural USD 1 billion issuance of senior unsecured notes by PTT Global Chemical Public Company Limited,” commented Mr. Piyawattanametha. “This successful offering is the result of close cooperation between the company and the transaction team to hit the market window and achieve a smooth, swift closing.”
The notes were jointly underwritten by Barclays, HSBC, and Standard Chartered Bank as joint bookrunners and joint lead managers, and will be listed on the Singapore Exchange Securities Trading Limited (SGX-ST).
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