Sinochem renews $15 billion MTN, perpetual securities program

By William Gullotti

Buffalo, N.Y., July 7 – China’s Sinochem Offshore Capital Co. Ltd. renewed its $15 billion medium-term note and perpetual securities program on Thursday, according to a listing notice with an appended program circular on Friday.

As before, program drawdowns will be guaranteed by parent company Sinochem Hong Kong (Group) Co. Ltd. on a subordinated basis.

Standard Chartered Bank, BOC International and Citigroup continue to be the arrangers for the Regulation S and Rule 144A program, also serving as dealers alongside Credit Agricole CIB, DBS Bank Ltd., JPMorgan, Societe Generale CIB, ICBC (Asia), China Securities International, CMB International, Citic Securities and CMBC Capital.

Citicorp International Ltd. is the trustee.

Clifford Chance and Harney Westwood & Riegels are advisers to the issuer and guarantor, with Latham & Watkins LLP and JunHe LLP acting as counsel to the dealers.

Proceeds will be used to refinance existing debt.

The program will remain effective on the Hong Kong Exchange for 12 months.

Sinochem is a Hong Kong-based subsidiary of Chinese conglomerate Sinochem, which is mainly involved in petrochemicals and fertilizer.

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