Jurisdiction - Thailand
Thailand – A&O, Bakers and Lathams Advises On USD1bn Thai Oil Bond Issue.

30 January, 2013


Allen & Overy advised the underwriters, Barclays Plc., the Hongkong and Shanghai Banking Corporation Limited and Standard Chartered Bank, on the recent US$1 billion bond issue for Thai Oil Public Co. Ltd. The firm advised on both the United States and Thai law aspects of the deal which priced on 17 January 2013.


Thai Oil, Thailand's leading integrated publicly-listed refining and petrochemical company, is a division of the state-owned conglomerate, PTT Public Company Limited. The Reg S/144A transaction was split equally in two tranches and the dollar-denominated senior unsecured notes were listed on the Singapore Exchange. The funds raised will be used for general corporate purposes, working capital, capital expenditures and/or refinancing existing debt. 


Hong Kong partner James Grandolfo led the Allen & Overy team with assistance from lawyers in both Thailand and Hong Kong, including Thai partner Suparerk Auychai and associates Alex Stathopoulos and Kurt Sherwood in Hong Kong and Anchalee Limviriyalers, Noparat Kaewsringarm, Wipawat Yingsakmongkol and Khemmawat Khanabkaew in Thailand. 


Other law firms on the deal included Baker & McKenzie and Latham & Watkins, advising the issuer on Thai law and United States law, respectively. 


Allen & Overy also advised PTT Public Company Limited as well as PTT Exploration and Production public Co. Ltd, as issuers, in past deals, and it advised the underwriters on a US$1 billion bond issuance by PTT Global Chemical Pcl (September 2012).


For further information, please contact:


Susan Byrnes, Allen & Overy
[email protected]



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