Tengizchevroil Taps Debt Markets in September

Posted on 10/09/2020

Tengizchevroil LLP (TCO) is a joint venture between Chevron (50% share in the consortium), ExxonMobil (25% share), KazMunayGas (20% share), and LukArco (5% share). Tengizchevroil Finance Company International is a subsidiary of Tengizchevroil. Tengizchevroil Finance Company International raised US$ 5 billion through an unregistered offering of senior secured bonds in the international markets and private loans that mirror the terms of those bonds. The financing consists of US$ 1.25 billion of senior secured bonds sold internationally to investors under Rule 144A/Regulation S and the remainder in the form of senior secured pari passu loans provided by partners. Tengizchevroil is Kazakhstan’s biggest oil producer.

Law firm Sullivan & Cromwell LLP advised Tengizchevroil Finance Company International on the deal.

The joint venture was formed in April 1993, when the Kazakhstan government granted an exclusive 40-year right to Tengizchevroil to develop the Tengiz and Korolevskoye oil fields LukArco is a joint venture between Lukoil of Russia and Atlantic Richfield (Arco) of the USA.

Get News, People, and Transactions, Delivered to Your Inbox