Allen & Overy advises on $1bn PTT Exploration hybrid bond issuance

Allen & Overy has advised Bank of America Merrill Lynch, Credit Suisse, HSBC and JP Morgan as joint bookrunners on PTT Exploration and Production Public Company’s (PTTEP’s) corporate hybrid bond issuance, in what is reported to be the first USD hybrid issuance by a Thai corporate since 2006.

The $1bn (£576,000) subordinated perpetual capital securities were offered in a combined Rule 144A/Regulation S transaction to institutional investors internationally. PTTEP is Thailand’s largest publically listed oil and natural gas explorer.

Hong Kong-based capital markets partner Alex Stathopoulos led on the US law aspects of the transaction. John Lee, a capital markets partner also based in Hong Kong, led the structuring of the terms of the hybrid securities.

Stathopoulos and Lee were assisted by Hong Kong associates Garrick Merlo, Wen Gao and Grace Ily Yumul.

Partner Suparerk Auychai led the Bangkok team on the Thai law aspects of the transaction, with support from counsel Noporat Kaewsringarm and associates Peerajit Chanmolee and Wipawat Yingsakmongkol.