Clifford Chance advises on Thai Oil's US$600 million subordinated perpetual securities issuance and concurrent tender offer

Global law firm Clifford Chance has advised the joint lead managers on the update of Thai Oil's US$3.679 billion Global Medium Term Note Program and the subsequent issuance of US$600 million subordinated perpetual securities thereunder. Concurrently, the firm advised the dealer managers on a cash tender offer of up to US$550 million for five series of Thai Oil's existing notes. The joint lead managers and dealer managers were BNP Paribas, Deutsche Bank AG (Singapore Branch), The Hongkong and Shanghai Banking Corporation Limited, Merrill Lynch (Singapore) Pte. Ltd., Mizuho Securities Asia Limited and Standard Chartered Bank.

The new perpetual securities were issued by Thai Oil Treasury Center Company Limited and guaranteed by Thai Oil Public Company Limited (Thai Oil). Thai Oil is one of the leading integrated refining and petrochemical companies listed on the Stock Exchange of Thailand. The perpetual securities are rated BB- by S&P Global Ratings and Ba2 by Moody’s Investors Service.

Lead partner Gareth Deiner said, "We are delighted to have supported Thai Oil and advised the joint lead managers on this complex and multi-faceted transaction. The successful issuance of the new perpetual securities, combined with the support from the market on the tender offer, underscores the continued investor confidence in major ASEAN energy issuers and companies from Thailand generally, which have enjoyed a strong recent period in the international debt capital markets. This deal also highlights the strength of our long-standing relationship with Thai counsel, Chandler MHM Limited, whose collaboration was instrumental in navigating the local legal landscape and delivering a seamless cross-border solution for our clients."

Gareth led the deal and was supported by partner Alan Yeung, counsel Claire Neo, associate Jun Kai Choo and trainee associate Emma Choo.

The transaction builds on Clifford Chance’s established capital markets work in Thailand, including advising Muangthai Capital on its debut US‑dollar social bond issuance, as well as its subsequent Singapore dollar‑denominated social notes, guaranteed by the Credit Guarantee and Investment Facility, a trust fund of the Asian Development Bank.