Motor Oil (Hellas) launches upsized €400 million five-year notes to yield 2¼%; pricing Thursday

By Paul A. Harris

Portland, Ore., July 8 – Motor Oil (Hellas) Corinth Refineries SA launched an upsized €400 million offering of five-year senior bullet notes to yield 2¼% and is set to price the deal on Thursday, according to a market source.

The Regulation S deal, which was upsized from €350 million, launched tight to the 2¼% to 2½% final yield talk. Earlier guidance was 2½% to 2¾%.

Global coordinator and joint bookrunner Citigroup Global Markets Europe AG will bill and deliver. Alpha, Eurobank, Goldman Sachs, HSBC, ING, JPMorgan, NBG, Nomura, Optima and Piraeus are the joint bookrunners.

The Athens-based refiner plans to use the proceeds plus cash on hand to redeem €350 million of Motor Oil Finance, plc’s 3¼% senior notes due 2022.

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