Shearman And Sterling

News September 16, 2021

ENAP’s $560 Million 3.450 Percent Notes Offering

Shearman & Sterling represented Empresa Nacional del Petróleo (ENAP), a Chilean state-owned enterprise, in connection with its Rule 144A/Regulation S offering of $560 million 3.450 percent notes due 2031. This is the first offering by ENAP to incorporate collective action clauses (CACs) for the amendment of notes, allowing amendment of “reserved” matters with super-majority approvals (rather than unanimous consent).

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.

The Shearman & Sterling team below included visiting attorney Pedro de Elizalde.

The Team