Linklaters advised GC Treasury Center Company Limited (GCTC) and PTT Global Chemical Public Company Limited (PTTGC) on the successful issuance of subordinated perpetual securities denominated in US dollars, with a total value of US$1.1bn. This transaction marks the largest-ever issuance of its kind in South and Southeast Asia and represents PTTGC’s inaugural US dollar-denominated subordinated perpetual capital securities offering.
The US$1.1bn issuance by GCTC, the wholly owned subsidiary of PTTGC, Thailand’s largest integrated petrochemical and refining company, and a leading chemical company in the Asia-Pacific region, comprised a US$600m 5.25y tranche with a 6.5% coupon and a US$500m 10y tranche with a 7.125% coupon. The securities are listed on the Singapore Exchange Securities Trading Limited (SGX-ST). The proceeds of the issuance were primarily used to fund the tender consideration for the concurrent tender offers of two series of senior notes, which Linklaters also advised on.
The offering saw overwhelming demand from international investors, attracting orders over eight times the offering size. The landmark transaction underscores PTTGC’s broader strategy to enhance financial flexibility and liquidity, as well as its commitment to resilient and sustainable growth.
The cross-border multidisciplinary Linklaters team was led by partner and Head of South and Southeast Asia Capital Markets Amit Singh and Bangkok National Managing Partner Wanwisar Nakarat, with support from counsel Xunming Lim, managing associates Alwyn Loy and Chanon Amornthatri, and associates Nicholas Chia and Patchara Suebwattanakul.
Linklaters’ Head of South and Southeast Asia Capital Markets Amit Singh commented:
“We are proud to have advised PTTGC and GCTC on this milestone transaction, which sets a new benchmark for subordinated perpetual capital markets activity in the region. The robust investor interest reflects the quality and financial discipline of PTTGC as an industry leader, as well as our firm commitment to enabling complex, high-value cross-border transactions in Asia.”