Clifford Chance Advises on the Issuance by International Petroleum Investment Company P.J.S.C. Under Its Global Medium Term Note Programme

Thursday, November 3, 2011
Tags:  Clifford Chance LLP | Dubai
Clifford Chance has advised International Petroleum Investment Company P.J.S.C. (“IPIC”) in relation to the issuance of U.S.$1,500,000,000 3.750 per cent. guaranteed Notes due 2017, U.S.$1,500,000,000 5.500 per cent. guaranteed Notes due 2022 and U.S.$750,000,000 6.875 per cent. guaranteed Notes due 2041 (the “Notes”) under its Global Medium Term Note Programme, which was updated on 19 October 2011. The issuance of the Notes took place on 1 November 2011. The Notes were admitted to trading on the London Stock Exchange.

 
The transaction represents the first ever issuance of Notes with a maturity of 30 years by a 100 per cent. owned company of the Government of Abu Dhabi and the second largest issuance from the emerging markets this year (behind IPIC’s Euro and Sterling issuance, executed in March of this year).
Debashis Dey (Head of Capital Markets Middle East) commented: “Clifford Chance is delighted to have advised International Petroleum Investment Company in this ground-breaking securities offering into the international public capital markets. The success of this trade and the issue of long-term dated paper, particularly against the backdrop of global volatility, continues to demonstrate the confidence that international investors have in the company and Abu Dhabi.”
Clifford Chance through its U.A.E. and London offices advised IPIC on the transaction.  The team was led by Debashis Dey and Stuart Ure (Counsel), who were assisted by Jame Ortiz (U.S. securities lawyer), Catherine Wilson, Lauren Djedid, Brian O’Leary and Alanna Hunter.  From London, Robert Trefny, U.S. Securities Partner led the team on U.S. securities advice.
Goldman Sachs International acted as Sole Arranger and Joint Lead Manager, together with Barclays Bank PLC, J.P. Morgan Securities Ltd., Mitsubishi UFJ Securities International plc, Natixis and Société Générale.
The Joint Lead Managers were advised by the London and Dubai offices of Linklaters LLP in relation to English, U.A.E. and U.S. law and by Maples and Calder in relation to Cayman Islands law.