This is the first time Weil Gotshal & Manges has acted for Petroplus International and is one of the few recent non-telecoms European high yield debt offerings.
The firm was recommended to the client by the initial purchasers of the notes, ING Barings. London-based US partner Michael Brady led the team advising the midstream oil company, which has operations spanning western Europe.
The company issued euro150m (£88.6m) of 10.5 per cent senior notes due in 2010 through a newly formed special purpose finance subsidiary of Petroplus. The notes were offered and sold both in Europe and within the US, and the net proceeds were used to repay borrowings for Petroplus’ May acquisition of the Cressier refinery in Switzerland from Shell.
The company did an equity offering of 6.5 million ordinary shares in March, and on that deal used Herbert Smith as adviser.
Michael Brady led a team of eight London lawyers on the deal, including US associates Marc Kenny and Monica Risam. English partners Paul Claydon, Erica Handling and Andrew Norwood were involved, as were associates Ann-Marie Farelly and Michael Logie. Lawyers from the firm’s German desk in London and its Brussels office were also called on for the multi-jurisdictional deal.