Arrangers of Petronas’ US$6b bond offering advised by Milbank

KUALA LUMPUR (April 28): International law firm Milbank LLP said it had advised the arrangers, dealers and managers that participated in Petroliam Nasional Bhd's (Petronas) US$6 billion (RM26.2 billion) multi-tranche senior bond offering.

They included joint book-runners BofA Securities, Citigroup, HSBC, MUFG and Malayan Banking Bhd (Maybank), Milbank said in a statement on its website.

BofA Securities and Citigroup were also the joint global coordinators for the issue.

“We were very pleased to have supported our clients and Petronas on this complex offering, which was very successful and well received notwithstanding the current economic climate,” said the New York-headquartered law firm.

Announced on April 15, Petronas’ bond offering comprised US$2.25 billion 10-year (at 3.5%), US$2.75 billion 30-year (at 4.55%) and US$1 billion 40-year (at 4.8%) conventional notes.

The proceeds will be used for refinancing, capital expenditure and working capital purposes of the national oil company.

The issuance marks Petronas’ return to the international US dollar bond market since its US$5 billion multi-tranche offering in March 2015, noted Milbank.

Petronas had said that the exercise was part of its ongoing prudent capital management efforts that will also effectively extend its debt maturity profile.