PETRONAS in an Update of Its $30 Billion GMTN Program and in a $5 Billion Guaranteed Notes Offering

Cleary Gottlieb represented Petroliam Nasional Berhad (PETRONAS) and its subsidiaries, PETRONAS Capital Limited (PCL) and PETRONAS Energy Canada Ltd. (PECL), in an update of its $30 billion global medium term note (GMTN) program, which was completed in March 2025.

Cleary also represented PETRONAS and PCL in a three-tranche $5 billion Rule 144A/Reg. S guaranteed notes offering under the GMTN program. The notes, issued by PCL and guaranteed by PETRONAS, were: $1.6 billion 4.950% notes due 2031, $1.8 billion 5.340% notes due 2035, and $1.6 billion 5.848% notes due 2055. This was the largest international bond market transaction by an Asian corporate issuer since 2021.

The notes offering priced on March 26, 2025, and closed on April 3, 2025, and the GMTN program and the notes were listed on the Hong Kong Stock Exchange, Bursa Malaysia, and the Labuan International Financial Exchange.

PETRONAS is one of the largest global, integrated energy companies in the world with a presence in over 100 countries. It is wholly owned by the Malaysian government and is ranked among the Fortune Global 500.