Appleby advises CNPC General Capital on issuance of guaranteed senior notes

Appleby has acted as British Virgin Islands counsel for CNPC General Capital, a subsidiary of China National Petroleum Corporation, in relation to the issuance of guaranteed senior notes due in 2016, 2018 and 2023, respectively, for an aggregate principal amount of $2bn (£1.3bn).

The net proceeds from the sale of the notes will be advanced by CNPC General Capital to a company controlled by CNPC outside the People’s Republic of China (PRC) and used for CNPC’s overseas operations.

The Appleby team was led by corporate partner Judy Lee and assisted by associate Chris Cheng.

Shearman & Sterling acted for CNPC General Capital as to US and Hong Kong law, while Jun He Law Offices advised on PRC law.

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