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News Apr 11, 2017

Shearman & Sterling Advises Motor Oil (Hellas) Corinth Refineries on Its High Yield Bond Offering

Shearman & Sterling advised Motor Oil (Hellas) Corinth Refineries S.A. on its high yield bond offering of €350 million 3.125% senior notes due 2022 issued by Motor Oil's direct subsidiary, Motor Oil Finance plc. This is Motor Oil Hellas' second such offering after the company's successful €350 million inaugural high yield notes offering in 2014. The coupon is believed to be among the lowest for a Greek credit in recent years. The proceeds of the offering have been used to refinance the company's existing notes issued in 2014.

Motor Oil (Hellas) Corinth Refineries S.A. operates one of the top refineries in Europe and is the only base-oil producer in Greece. Motor Oil is active in the crude oil refining and trading of oil products sectors, and the majority of its products are exported outside Greece.

The Shearman & Sterling team was led by partners Mei Lian (London-Finance) and Simon Letherman (London-Tax); counsel Mehran Massih (London-Environmental); associates Randy Nahlé, Iakovos Anagnostopoulos (both London-Capital Markets), Ankita Sethia, Joelle Wong (both London-Finance) and Elizabeth Emerson (London-Tax); and legal assistant Charoula Makrygianni (London-Capital Markets).