Press Release
| April 10, 2007
LeBoeuf Lamb Represents Corral Finans AB on €355 million and $350 million SCoups High Yield Note Issue
(London, April 10, 2007) - The international firm of LeBoeuf, Lamb, Greene & MacRae LLP has advised Corral Finans AB (publ) on its issue of €355 million and $350 million high yield Floating Rate Split Coupon Notes (SCoups) in the international capital markets. The Notes will be listed on the Irish Stock Exchange and sold to institutions in Europe and qualified US institutional buyers under Rule 144A. Corral is the holding company of Preem Petroleum, one of Europe's largest independent oil refining companies and based in Sweden.
The Notes contain both traditional and unique terms for a high yield issue. Corral offered both a euro denominated tranche and a dollar denominated tranche. In 2005, the Preem group was one of the first to sell notes that includes the innovative split coupon feature of the Notes, which has been dubbed "SCoups". A portion of the interest is payable in cash at a rate of 1.50% above EURIBOR and LIBOR, respectively. In addition, a portion of the interest on the Notes accrues at 3.50% and is payable either in cash or in kind through the issuance of additional notes (a PIK component).
As in 2005, LeBoeuf Lamb advised Corral on all aspects of the Notes offering, as well as managing and advising on legal issues relating to the reorganisation and structure which preceded the transaction, coordinating the documentation process, and working with local Swedish counsel.
The LeBoeuf Lamb team was led by partners Mitri Najjar and Joseph Ferraro in London and by partner John Fallon in New York. They were assisted in London by Sarah Kight, Jessica Mider, Emma Pond, Meredith Steinhaus and Zaki Shubber.
For more information, please contact your Dewey & LeBoeuf relationship partner, or one of the following:
This memorandum is intended only as a general discussion of these issues. It is not considered to be legal advice. We would be pleased to provide additional details or advice about specific situations. For additional information on this important topic, please feel free to call upon your Dewey & LeBoeuf relationship partner. No part of this publication may be reproduced, in whole or in part, in any form, without our prior written consent.
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