Shearman And Sterling

News May 16, 2014

Shearman & Sterling Advises on CNPC General Capital Limited’s US$1.5 Billion Bond Offering

Shearman & Sterling represented CNPC General Capital Limited (“CNPC Capital”) in connection with its Rule 144A/ Regulation S bond offering listed on The Stock Exchange of Hong Kong Limited, including the US$750 million Guaranteed Senior Floating Rate Notes due 2017 and the US$750 million 2.750% Guaranteed Senior Notes due 2019, which will be irrevocably and unconditionally guaranteed by CNPC Finance (HK) Limited.

CNPC Capital is a wholly-owned subsidiary of China National Petroleum Corporation (“CNPC”), which is one of China’s key state-owned enterprises and is China’s largest oil and gas producer and supplier based on production and sales volume.

The Shearman & Sterling team included partner Matthew Bersani (Hong Kong-Capital Markets); counsel Alan Yeung (Hong Kong-Capital Markets); associates Daying Zhang (Beijing-Asia Corporate), Wanda Woo (Beijing/ Hong Kong-Capital Markets), and Wei Fang (Beijing-Asia Corporate); international specialist Xiuqin Cao (Beijing-Asia Corporate); and special associate Shan Wu (Beijing-Asia Corporate). Partner Philip Urofsky and associate Alison Welcher (both Washington, DC-Litigation) advised on OFAC issues, partner Lorna Chen (Hong Kong-Investment Funds) advised on the Investment Company Act, and counsel Eileen O’Pray (Palo Alto-Tax) advised on the tax aspects. Trainee solicitors Ricky Chow and Shirley Lui (both Hong Kong-Asia Corporate) also provided assistance.