Nachrichten August 10, 2016

Shearman & Sterling Advises on ENAP’s $700 Million Notes Offering

Shearman & Sterling represented Empresa Nacional del Petróleo (ENAP), a state-owned enterprise created and organized under the laws of Chile, in connection with its Rule 144A/Regulation S offering of US$700 million aggregate principal amount of its 3.750% notes due 2026.

The firm also advised ENAP in connection with the offer launched by Citigroup Global Markets Inc. to purchase, for cash, up to a maximum amount of US$600 million of ENAP’s outstanding 6.25% notes due 2019, 5.25% notes due 2020 and 4.75% notes due 2021 (the “old notes”), which offer was made concurrently with the notes offering. The maximum amount was subsequently increased from US$600 million to US$679,085,207. The tender offer was fully subscribed and Citigroup purchased tendered old notes one business day prior to the closing of the notes offering and subsequently exchanged them for a portion of the notes.

ENAP is engaged in broad range of petroleum-related activities, including the exploration, development and production of crude oil and natural gas, the transportation and storage of crude oil, refined petroleum products, liquefied petroleum gas and natural gas, petroleum refining and the wholesale marketing of refined petroleum products, petroleum derivatives, liquefied petroleum gas, crude oil and natural gas.

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