PETRONAS in Update of $15 Billion GMTN Program and $3.6 Billion Offerings
April 28, 2021
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 $15 billion global medium term note program (GMTN), which was completed in February 2021.
The update included the addition of PECL, an operating subsidiary, as an additional issuer under the program and mechanics for clearing notes through the CDS Clearing and Depository Services Inc., a clearing and settlement system used in Canada.
In March 2021, Cleary represented PETRONAS and PECL in a $600 million Rule 144A/Reg S guaranteed notes offering under the GMTN program. The notes were issued by PECL and guaranteed by PETRONAS with a coupon of 2.112% and are due in 2028.
Cleary also represented PETRONAS and PCL in a $3 billion Rule 144A/Reg S guaranteed notes offering under the GMTN program. The notes in the offering, issued by PCL and guaranteed by PETRONAS, were in two tranches: $1.25 billion 2.48% notes due 2032 and $1.75 billion 3.404% notes due 2061.
The PECL notes offering closed on March 23, 2021, and were listed on the Hong Kong Stock Exchange, while the PCL notes offering closed on April 28, 2021 and were listed on the Hong Kong Stock Exchange, Bursa Malaysia, and the Labuan International Financial Exchange.