Davis Polk advised the sole bookrunner in connection with the Regulation S only offering by China Energy Reserve and Chemicals Group Holding Limited of its $400 million 5.55% bonds due 2021, which are unconditionally and irrevocably guaranteed by China Energy Reserve and Chemicals Group Company Limited (China Energy Reserve).
China Energy Reserve is a PRC state-controlled oil and gas trading, logistics and distribution and supply services provider. China Energy Reserve offers its customers a broad range of oil and gas services, from the procurement and supply of oil and gas products and equipment, to logistics, storage, piped gas and exploration and production. Its largest beneficial shareholders include CNPC, Beijing Municipal Commission of Commerce and China Economic Cooperation Center. China Energy Reserve is headquartered in Beijing, with strategic business operations in over 20 provinces, autonomous regions and direct-controlled municipalities across China.
The Davis Polk corporate team included partners Eugene C. Gregor, Paul Chow and Antony Dapiran, counsel Margie Chan and registered foreign lawyer Bo Huang. The tax team included counsel Alon Gurfinkel and associate Veronica Orecharova. Members of the Davis Polk team are based in the Hong Kong, Tokyo and London offices.