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News May 21, 2014

Shearman & Sterling Advises Motor Oil Hellas on Its €350 Million Inaugural High Yield Notes Offering

Shearman & Sterling represented Motor Oil (Hellas) Corinth Refineries S.A. (“Motor Oil”) in its inaugural bond offering of €350 million 5.125% senior notes due 2019 (the “Notes”), issued by Motor Oil’s wholly owned subsidiary, Motor Oil Finance plc. The net proceeds from the issue and sale of the Notes will be used to refinance existing indebtedness and for general corporate purposes. The Notes are guaranteed on a senior unsecured basis by Motor Oil. The offering, which was conducted pursuant to Regulation S under the US Securities Act, closed on May 22, 2014.

Motor Oil is the second largest oil refining company in Greece, as measured by refining capacity, and its refinery accounts for approximately 33% of Greek refining capacity. Motor Oil’s refinery is the most complex in Greece and one of the most complex in Europe, as measured by a Nelson Complexity Index of 11.54. Motor Oil has been present in the international market for more than four decades and continues to export its products to various countries.

The Shearman & Sterling team of lawyers in the firm’s London and Washington, DC offices included capital markets and associate Gordon Houseman; counsel Michael Scargill and associate Sophie Rees, who advised on UK corporate matters; and tax partner Kristen Garry, counsel Simon Letherman and associates Mary Jo Lang and Jack Prytherch, who advised on tax matters. Capital markets counsel Paul Clews and associate Joji Ozawa also provided assistance on the transaction.