Davis Polk & Wardwell has advised state-owned oil giant China National Offshore Oil Corp. (CNOOC) Ltd. on a $4 billion bond offering on the Hong Kong Stock Exchange.
The debt issue, which will be offered in four tranches, represents the largest U.S. dollar-denominated offering in Asia for almost a decade; Hong Kong investment holding company Hutchison Whampoa Ltd. issued $5 billion worth of bonds in 2003.
Part of the proceeds from the offering will be used to repay debt, which includes a bridge loan for its $15.1 billion acquisition of Canadian oil sands operator Nexen Inc., a deal that closed in February and on which Davis Polk also advised CNOOC.
Davis Polk’s team on the bond issue includes Hong Kong-based partners James Lin, Eugene Gregor and Antony Dapiran. CNOOC was also advised by offshore firm Walkers on British Virgin Islands law.
The underwriters, which include the Bank of China Ltd., BOCI Asia Ltd., Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Goldman Sachs (Asia) Llc., J.P. Morgan Securities Llc., Merrill Lynch, UBS A.G.,. and Société Générale, were advised by Magic Circle firm Linklaters on U.S. law and Beijing firm Commerce & Finance Law Offices on Chinese law.
Email: jseah@alm.com .