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Conyers advised Tengizchevroil Finance Company International Ltd on its US$1 billion issuance of senior secured bonds due 2026 by the Issuer (defined above), a special purpose company wholly owned by Tengizchevroil LLP (TCO), the production licence holder of the Tengiz and Korolev oil fields in western Kazakhstan. The Issuer was established to raise debt and on-loan the proceeds to TCO to part fund a major production capacity expansion of US$42.4 billion.
The Issuer plans to raise up to US$5.375 billion (including up to $1 billion in the current offering) in the bond markets over five years. The payment obligations of the Issuer under the bonds are guaranteed on a senior secured basis by TCO.
The Issuer has also put in place a US$3 billion commercial bank facility (with matching pari passu partner loan facilities totalling US$9 billion), the total facilities of US$12 billion being revolving in nature and have a five year tenor.
Carol Clarke and Kathleen Moniz of Conyers’ Bermuda office worked on the matter.