Power Sector Assets and Liabilities Management Company in $1 Billion Note Offering

May 27, 2009

Cleary Gottlieb represented Deutsche Bank, HSBC, and Morgan Stanley as joint lead managers in a $1 billion Rule 144A and Reg. S offering by Power Sector Assets and Liabilities Management Company (“PSALM”) of 7.25% notes due 2019 guaranteed by the Republic of the Philippines. The transaction was PSALM’s inaugural offering in the dollar-denominated international capital markets. The closing took place on May 27.

PSALM is wholly owned by the Republic of the Philippines and was created to privatize the assets of the Philippine National Power Corporation (“NPC”) and to manage and liquidate NPC's liabilities.