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Bär & Karrer Ltd.

BRANDSCHENKESTRASSE 90, 8027 ZÜRICH, SWITZERLAND
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Geneva, Lugano, Zug, Zurich

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23 September 2009 - Petroplus Holdings AG

October 2009

Petroplus Holdings AG issues USD 400 million 9.375% Senior Notes due 2019, USD 150 million 4.00% Convertible Bonds due 2015 and 17'265'058 registered shares with a nominal value of CHF 7.58 each at a subscription price of CHF 16.90

 

With a view to enhance its short and long term liquidity profile, Petroplus Holdings AG (the "Company"), Europe's leading independent refiner and wholesaler of petroleum products, announced on 9 September 2009 three capital markets transactions consisting of (i) an offering of USD 400 million 9.375% Senior Notes due 2019 (the "High Yield Transaction"), (ii) an offering of USD 150 million 4.00% Convertible Bonds due 2015 (the "Convertible Bond Transaction") and (iii) a fully underwritten equity offering by a syndicate of banks with subscription rights granted to existing shareholders (the "Rights Offering") by issuing 17'265'058 registered shares with a nominal value of CHF 7.58 each at a subscription price of CHF 16.90.

The proceeds of the High Yield Transaction and the Convertible Bond Transaction will be used to finance a cash tender offer for the existing USD 500 million 3.375% convertible bonds (the "Outstanding Convertible Bonds") issued by Petroplus Finance Ltd, which was launched on 11 September 2009.

Bär & Karrer advised the Company on matters relating to Swiss law in connection with the Rights Offering, the High Yield and the Convertible Bond Transaction as well as the tender offer and the bondholders meeting called in connection with the Outstanding Convertible Bonds. The Bär & Karrer team included Michael Trippel, Dieter Dubs, Sten E. D. Rasmussen and Ariane Riedi Wirth and was supported by Christophe Buchwalder, Thomas Stoltz, Daniela Fiorillo and Ludivine Boisard. Freshfields Bruckhaus Deringer acted as international counsel to the Company.

 

For more information please visit www.baerkarrer.ch

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