CMS has advised MOL Plc. (“MOL”), the integrated international oil and gas company headquartered in Budapest, on a EUR 615 million revolving credit facility provided by a group of ten banks. Dentons advised the banks on the facility, which was coordinated by BNP Paribas and Erste Group Bank AG, with Erste Group Bank AG acting as the Facility Agent.
The facility refinances the EUR 439 million expired part of the EUR 1 billion revolving credit facility which expired in June 2016. Due to favorable market conditions and a positive market response to the announced financing, MOL increased the amount of the facility to EUR 615 million.
MOL achieved highly competitive conditions on the facility with the initial margin being 95 basis points. The tenor of the facility is 5 years with two one-year extension options and incorporates an accordion mechanism allowing MOL to increase the facility by an additional EUR 300 million during its life.
The CMS team advising MOL on the transaction was led by Prague-based Partner Mark Segall and included CMS Budapest Partner Erika Papp and Senior Associate Eszter Torok.
The Dentons team advising the banks was led by Budapest-based Partner Gergely Horvath and London-based Partner Lee Federman.
- Dentons and Wolf Theiss Advise on Sale of Scitec Nutrition by Enterprise Investors to Ascendis Health
- The Buzz in Russia: Interview with Leonid Zubarev of CMS
- Dentons, White & Case, and Clifford Chance Advise on Mezzanine Capital Loans to Medicon Group and Nolloth
- The Buzz: April - June
- CMS Advises PKN Orlen on Investent in New Metathesis Unit