Clifford Chance has advised a syndicate of arranging and underwriting banks on a series of debt capital markets transactions of the global and integrated energy and diversified company Compañía Española de Petróleos, S.A. (Cepsa), through its subsidiary CEPSA Finance, S.A.U.
The Clifford Chance team advised the banks comprising global coordinators HSBC and SMBC, together with the banks acting as joint bookrunners and co-managers, on the largest bond offering in Cepsa’s history, which marked this Issuer’s return to the capital markets after four years. The €750 million issuance of notes, with an annual coupon of 4.125% and maturity in April 2031, was issued under the recently renewed EMTN programme in which Clifford Chance acted for the banks appointed as Dealers.
Simultaneously with the new issuance, Cepsa launched a cash tender offer for its €500,000,000 1.000% Notes due 16 February 2025, accepting for purchase €150,000,000 in aggregate principal amount of such notes. Clifford Chance advised dealer managers BBVA, BofA Securities and HSBC on all aspects of the liability management operation.
The Clifford Chance team was led by Capital Markets and English Law partner Antonio Henriquez, and also comprised senior associate Jonathan Astbury, senior associate Francisco Pizarro and trainee solicitor Bethany Campbell. Senior Counsel Roberto Grau provided Spanish tax law support.
