International law firm Freshfields Bruckhaus Deringer has advised Petroplus Holdings AG, Europe’s largest independent refiner and wholesaler of petroleum products, on its US$550m refinancing and US$270m rights offering.
The refinancing comprises a US$400m offering of high yield bonds, a US$150m offering of convertible bonds and a refinancing of US$500m of existing convertible bonds through a cash tender offer and bondholder meeting. The purpose of the refinancing is to address an investor put option in the existing convertible bonds and extend the overall debt maturity profile while strengthening the balance sheet through the rights offering.
Freshfields’ team was led by corporate partner Sarah Murphy, and included counsel Todd Foy and corporate associates Andrew Boyer, Kara Major, Will Gaunt and Brent Sanders (all London), as well as partner Peter Hall and associate Shane Burke (both finance, London), corporate partner Robert ten Have and finance associate Valentine Goudt (both Amsterdam), finance partner Tony Besse, finance senior associate Erwan Lacheteau and corporate associate Vincent Bourrelly (all Paris) and partner Claude Stansbury and associate Steve Brinker (both tax, Washington).