Davis Polk & Wardwell has advised state-owned China National Offshore Oil Corp. on a $4 billion bond offering.
CNOOC is issuing the dollar-denominated notes in three tranches: $1.25 billion in three-year notes, $2.25 billion in 10-years and $500 million in 30-years.
According to a statement, the company will use the proceeds to repay funds borrowed to finance its $15.1 billion acquisition of Canada’s energy company Nexen Inc. in 2013, the largest ever foreign acquisition by a Chinese company.
Davis Polk Hong Kong partners Eugene Gregor and James Lin led the team advising CNOOC on the issue. Both Gregor and Lin advised CNOOC on a previous $4 billion bond offering last May. The firm also represented CNOOC on the Nexen acquisition.
Linklaters Hong Kong partners David Ludwick and William Liu led the team advising underwriters BOCI Asia Ltd., Citigroup Global Markets Inc., Credit Suisse Securities (USA), Deutsche Bank A.G. Singapore Branch, Goldman Sachs (Asia), J.P. Morgan Securities, Morgan Stanley & Co. International plc. and UBS A.G. Hong Kong Branch. The firm also advised the underwriters on the previous CNOOC bond issue.