Thailand - Weerawong C&P Represented Citigroup Global Markets, Merrill Lynch And Standard Chartered Bank In Relation To PTT Global Chemical’s Innovative Liability Management Transaction.
Legal News & Analysis - Asia Pacific - Thailand - Capital Markets- Capital Markets
2 August, 2018
Weerawong, Chinnavat & Partners Ltd. represented the Dealer Managers and Coordination Agents, namely Citigroup Global Markets Inc., Merrill Lynch (Singapore) Pte. Ltd. and Standard Chartered Bank in relation to PTT Global Chemical Public Company Limited’s liability management transaction, involving a tender offer to purchase its outstanding USD 1 billion 4.25% Senior Unsecured Notes due 2022 (the Existing Notes) from existing holders and the subsequent issuance by GC Treasury Center Company Limited of like-kind notes, guaranteed by PTT Global Chemical Public Company Limited, on terms substantially identical to the Existing Notes.
The settlement date was 28 June 2018. The transaction is an innovative one because notes issued by GC Treasury Center Company Limited for sale to investors outside Thailand will be exempt from Thai withholding taxes.
The Weerawong C&P team was led by Veeranuch Thammavaranucupt, Senior Partner, James Lawden, Senior Counsel and Pitchaya Kittiwittayakul, Associate.
Weerawong C&P represented Citigroup Global Markets, Merrill Lynch and Standard Chartered Bank in relation to PTT Global Chemical’s innovative liability management transaction involving tender offer to purchase its outstanding USD 1 billion 4.25% Senior Unsecured Notes