PTT Global Chemical’s USD1.1 billion perpetual securities issuance sets regional record with support from A&O Shearman

We also have advised on the concurrent but separate 14e-1 cash tender offers for two series of outstanding senior unsecured notes issued by GC Treasury Center, the USD374 million 4.30% notes due 2051 and USD103m 5.20% notes due 2052, both guaranteed by PTTGC. Proceeds from the perpetual securities were used to repay these notes and support general corporate purposes.

PTTGC, a leading Thai petrochemical company and subsidiary of PTT Public Company Limited, has been actively restructuring its portfolio to enhance profitability. The hybrid nature of the securities allowed the company to optimize its capital structure while preserving liquidity and maintaining equity credit from international rating agencies.

The cross-border A&O Shearman deal team included partner Felipe Duque, with support from counsel Julie Song and Anchalee Limviriyalers. The team also included Chakrit Chomketkaew, Natthicha Wiriyatornphan, Pimchanok Eianleng, Ploypachara Komonprasertgul, and Peerpoint consultant Bryan O’Brien.