Davis Polk & Wardwell LLP advised Sinochem Overseas Capital Company Limited on a US$2 billion Rule 144A and Regulation S offering of senior notes guaranteed by Sinochem Hong Kong. The offering consisted of US$1.5 billion of 4.5% senior notes due 2020 and US$500 million of 6.3% senior notes due 2040. Citigroup Global Markets Inc. acted as global coordinator, Citigroup Global Markets Inc., The Hongkong and Shanghai Banking Corporation Limited and UBS AG, Hong Kong Branch acted as joint lead managers and joint bookrunners, and BOCI Asia Limited, Crédit Agricole Corporate and Investment Bank, Mitsubishi UFJ Securities (USA), Inc. and Standard Chartered Bank acted as co-managers.

Sinochem Hong Kong is a core subsidiary of Sinochem Group and serves as the primary overseas platform for executing Sinochem Group's business strategy. Sinochem Group is a PRC state-owned enterprise under the direct supervision of the State-owned Assets Supervision and Administration Commission of the State Council of China. The offering involved an innovative Letter of Support structure from Sinochem Group.

The Davis Polk team included corporate partners Eugene C. Gregor and Show-Mao Chen, associates Hao Yang, Stephen Takahashi, C. Wallace DeWitt and Xiaoxi Lin and registered foreign lawyer Terrence R. O’Donnell. Partner John D. Paton and associate Kent Heggerud provided tax advice. Associate Catherine L. Martin provided Investment Company Act advice. Nian Liu and Xiaodan (Danica) Wang were the legal assistants on the transaction. Members of the Davis Polk team are based in the Beijing, Hong Kong, London, New York and Tokyo offices.