Clifford Chance

Clifford Chance advises on the issuance by International Petroleum Investment Company

Clifford Chance has advised International Petroleum Investment Company P.J.S.C. ("IPIC") in relation to the issuance of €1,250,000,000 4.875 per cent. guaranteed Notes due 14 May 2016, €1,250,000,000 5.875 per cent. guaranteed Notes due 14 March 2021 and £550,000,000 6.875 per cent. guaranteed Notes due 14 March 2026 (the "Notes") under its Global Medium Term Note Programme, which was established on 1 November 2010.

The issuance of the Notes took place on 14 March 2011. The Notes were admitted to trading on the London Stock Exchange.  The programme enables IPIC to raise finance in the international capital markets in order to assist in the funding of the purchase price for its intended acquisition of the outstanding shares in Compaňia Espaňola de Petróleos, S.A. ("CEPSA").

Christopher Walsh, Partner commented: "Clifford Chance is delighted to have assisted IPIC with their inaugural euro and sterling capital market issuances.  The success of this trade is a clear sign of the confidence that investors have in the stability, strength and enormous potential in the company, Abu Dhabi institutions and the Abu Dhabi economy.  We wish IPIC the very best for their successful completion of their acquisition of the outstanding share capital of CEPSA".

Clifford Chance through its U.A.E. offices advised IPIC on the transaction.  The IPIC legal team was led by Christopher Walsh, Partner in the U.A.E., who was assisted by Stuart Ure and Catherine Wilson.

Banco Santander, S.A., BNP Paribas, Crédit Agricole Corporate and Investment Bank, Deutsche Bank AG, London Branch, Goldman Sachs International and UniCredit Bank AG acted as Joint Lead Managers in connection with the transaction.