Empresa Nacional del Petróleo’s $600 Million Notes Offering


Shearman & Sterling, Garrigues, Cleary Gottlieb Steen & Hamilton and Aninat Schwencke & Cía advised on the transaction

Empresa Nacional del Petróleo (ENAP), a Chilean state-owned enterprise, finalized its Rule 144A/Regulation S offering of $600 million notes. The notes pay interest at a rate of 4.5% per annum due 2047.

Citigroup Global Markets Inc., JP Morgan Securities LLC and Merrill Lynch, Pierce, Fenner & Smith Incorporated acted as initial purchasers.

ENAP is engaged in 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 and natural gas, petroleum refining and the wholesale marketing of refined petroleum products, petroleum derivatives, liquefied petroleum gas, crude oil and natural gas.

Shearman & Sterling advised ENAP with Manuel A. Orillac (Picture) (New York-Capital Markets); associate Flavio Averbug (New York-Capital Markets); and international associate Alesandra Azcarate (New York-Capital Markets).

Garrigues advised ENAP with Pedro García, Francisco Irarrázaval and Sofía Duralde.

Cleary Gottlieb Steen & Hamilton advised Citigroup Global Markets Inc., JP Morgan Securities LLC and Merrill Lynch, Pierce, Fenner & Smith Incorporated with Adam Brenneman, Andrés de la Cruz, Nicolás Teijeiro, Isaac Silverstein, María Belén Pironi and Santiago Achurra.

Aninat Schwencke & Cía advised Citigroup Global Markets Inc., JP Morgan Securities LLC and Merrill Lynch, Pierce, Fenner & Smith Incorporated with Juan Pablo Schwencke, Manuel Blanco, Francisco Prado, Pablo Undurraga and Felipe Vargas.

Involved fees earner: Juan Pablo Schwencke – Aninat Schwencke & Cia; Manuel Blanco – Aninat Schwencke & Cia; Francisco Prado – Aninat Schwencke & Cia; Pablo Undurraga – Aninat Schwencke & Cia; Felipe Vargas – Aninat Schwencke & Cia; Pedro García Morales – Garrigues; Sofía Duralde Manns – Garrigues; Francisco Irarrázaval Armendáriz – Garrigues; Manuel Orillac – Shearman & Sterling; Flavio Averbug – Shearman & Sterling; Adam Brenneman – Cleary Gottlieb Steen & Hamilton; Andrés De la Cruz – Cleary Gottlieb Steen & Hamilton; Nicolás Teijeiro – Cleary Gottlieb Steen & Hamilton; Santiago Achurra – Cleary Gottlieb Steen & Hamilton; Isaac Silverstein – Cleary Gottlieb Steen & Hamilton;

Law Firms: Aninat Schwencke & Cia; Garrigues; Shearman & Sterling; Cleary Gottlieb Steen & Hamilton;

Clients: Citigroup Global Markets Ltd; Merrill Lynch, Pierce, Fenner & Smith Incorporated; JP Morgan Securities; Empresa Nacional del Petróleo – ENAP;

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Author: Ambrogio Visconti