Milbank LLP advised the arrangers, dealers and managers on a US$6 billion multi-tranche senior bond offering by Malaysia’s state-owned oil and gas company Petroliam Nasional Berhad (“PETRONAS”). The 144A/Reg S offering marks PETRONAS’ first on the US dollar bond market since 2015 and was issued under PETRONAS’s updated Global Medium Term Note program.
The offering is one of the largest ever by an Asian issuer. The $6 billion bond offering included $2.25 billion 10-year notes at 3.50 percent, $2.75 billion 30-year notes at 4.55 percent and $1 billion 40-year notes at 4.80 percent. The proceeds of the issuance will be used by PETRONAS and its subsidiaries for general corporate purposes including but not limited to capital expenditure and refinancing.
The arrangers, dealers and managers that Milbank advised included joint bookrunners BofA Securities, Citigroup, HSBC, MUFG and Maybank. BofA Securities and Citigroup also acted as joint global coordinators.
The Milbank team was led by Singapore-based Global Capital Markets partner Naomi Ishikawa and included special counsel Jim McFarlane and associate Steven Holm in Singapore; with support from partner Andrew Walker and associate Benjamin Heller in New York; and partner Dara Panahy and associates Bijan Ganji, Lafayette Greenfield and Pinky Mehta in Washington, DC.
Ms. Ishikawa said: “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. The overwhelming success of this bond offering reaffirms Milbank’s proven abilities to support our clients even in the most challenging of markets.”
