News

A&O Shearman advises Enap on USD600 million bond offering and concurrent tender offers

Published Date
Aug 1 2024
A&O Shearman represented Empresa Nacional del Petróleo (Enap) in connection with its offering of USD600 million 5.950% Notes due 2034 under Regulation S and Rule 144A, and the concurrent tender offers for any and all of its 3.750% Notes due 2026, and capped tender offer of its 3.450% Notes due 2031.

Enap intends to use the proceeds from the offering, together with existing cash balances and/or additional financings, to pay the consideration for the notes accepted for purchase in the tender offers, to pay fees and expenses, and any remainder for general corporate purposes.

Enap is a state enterprise wholly owned by the Republic of Chile. It is engaged in a broad range of petroleum-related activities, including the exploration, development and production of crude oil and natural gas, the transportation and storage of crude oil, refined petroleum products, liquefied petroleum gas (LPG) and natural gas, petroleum refining and the wholesale marketing of refined petroleum products, petroleum derivatives, LPG, crude oil and natural gas.

The A&O Shearman team was led by Capital Markets partner Alejandro A. Gordano and included Capital Markets partner Manuel Orillac, Tax partner Lorenz Haselberger, Capital Markets associate Gonzalo Robles, visiting attorney Moises Gonzalez, and Tax associate Daniel Kachmar.

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