Simpson Thacher recently represented Bear Stearns and Morgan Stanley in the $1 billion global offering of 6.75% senior notes issued by CITIC Resources Finance (2007) Limited, and guaranteed by CITIC Resources Holdings Limited, the Hong Kong listed subsidiary of CITIC Group. CITIC Resources, which conducts the natural resources and commodities trading businesses of CITIC Group, will use the proceeds of the offering to acquire from CITIC Group, subject to the satisfaction of certain conditions, a controlling interest in the Karazhanbas oilfield in Kazakhstan. Upon completion of the acquisition, CITIC Resources will become the fourth largest PRC controlled oil producer.
The Simpson Thacher team included Chris Lin, Glenn Reiter, Gene Buttrill, Gil Strauss, Vijay Sekhon, Stuart Orsak, Townshine Wu, I-Sha Liu (Corporate), George Wang (OFAC), Jonathan Cantor, Jonathan Talansky (Tax) and Greg Grogan (ERISA).