Motor Oil (Hellas) Corinth Refineries S.A.’s €400 Million High Yield Bond Offering

Milbank advised Motor Oil (Hellas) Corinth Refineries S.A. on the deal, while Zepos & Yannopoulos acted as Greek legal counsel to Citigroup Global Markets Europe AG. Shearman & Sterling advised the initial purchasers. in the offering.

Motor Oil (Hellas) Corinth Refineries S.A. announced its high yield bond offering of €400 million 2.125% senior notes due 2026 (the “Offering”). The proceeds of the Offering have been used to refinance the Company’s €350 million 3.250% senior notes due 2022, including payment of accrued and unpaid interest, for general corporate purposes and to pay fees and expenses incurred in connection with the Offering.

Citigroup Global Markets Europe, Alpha Bank, Eurobank, Goldman Sachs Bank Europe, HSBC Continental Europe, ING Bank, J.P. Morgan, National Bank of Greece, Nomura Financial Products Europe, Optima bank and Piraeus Bank acted as initial purchasers in the offering.

The Company operates one of the top refineries in Europe and is the only base-oil producer in Greece. The Company is active in the crude oil refining and trading of oil products sectors, and the majority of its products are exported outside Greece. In recent years, the Company has been also investing methodically in renewable power generation and other related ESG sectors repositioning its business strategy in the circular economy of the future.

The Milbank team was led by European Leveraged Finance/Capital Markets partner Apostolos Gkoutzinis (Picture), special counsel Trevor Truman and associates Iakovos Anagnostopoulos and Chara Makrygianni.

The Zepos & Yannopoulos team consisted of partner Elena Papachristou, assisted by senior associate Efthymis Naoumis and associate Vivian Efthymiou. Partner Daphne Cozonis and senior associate Ioanna Tapeinou advised on tax matters, and partner Sofia Chatzigiannidou and senior associate Nikos Koukos advised on energy regulatory aspects.

The Shearman & Sterling team included Gordon Houseman, Kristen Garry, Thomas Donegan, Daniel Kachmar, Olivia Merrett, and Iain Sneddon.

Involved fees earner: Iakovos Anagnostopoulos – Milbank LLP; Apostolos Gkoutzinis – Milbank LLP; Chara Makrygianni – Milbank LLP; Trevor Truman – Milbank LLP; Thomas Donegan – Shearman & Sterling; Kristen Garry – Shearman & Sterling; Gordon Houseman – Shearman & Sterling; Daniel Kachmar – Shearman & Sterling; Olivia Merrett – Shearman & Sterling; Iain Sneddon – Shearman & Sterling; Sofia Chatzigiannidou – Zepos & Yannopoulos; Daphne Cozonis – Zepos & Yannopoulos; Vivian Efthymiou – Zepos & Yannopoulos; Nikos Koukos – Zepos & Yannopoulos; Efthymis Naoumis – Zepos & Yannopoulos; Elena Papachristou – Zepos & Yannopoulos; Ioanna Tapeinou – Zepos & Yannopoulos;

Law Firms: Milbank LLP; Shearman & Sterling; Zepos & Yannopoulos;

Clients: Alpha Bank; Citigroup Global Markets Europe; Eurobank Ergasias S.A.; Goldman Sachs Bank Europe; HSBC Continental Europe; ING Bank; J.P. Morgan Securities LLC; Motor Oil Corinth Refineries S.A.; National Bank of Greece (NBG); Nomura; Optima bank; Piraeus Bank S.A.;

Author: Federica Tiefenthaler