Press Release
| September 30, 2008
Dewey & LeBoeuf Advises Preem Petroleum AB and its Affiliates on $2.3bn and Sek 7.2bn Syndicated Credit Facility
(London, September 30, 2008) - Global law firm Dewey & LeBoeuf has advised Sweden's Preem Petroleum AB and its affiliates on their new $2,283,100,000 and SEK 7,200,000,000 term loan and revolving credit facility. It is the largest syndicated credit facility ever provided to a privately held Scandinavian group of companies. The syndicated loan will provide for the refinancing of Preem Group's outstanding debt, working capital capacity and other general corporate purposes.
Merchant Banking, Skandinaviska Enskilda Banken AB and Handelsbanken Capital Markets, Svenska Handelsbanken AB are the coordinating mandated lead arrangers and bookrunners under the credit facility. Merchant Banking, Skandinaviska EnsKilda Banken AB is the facility agent.
Preem is largest oil company in Sweden and one of the largest independent refining companies in Europe. It accounts for more than 75% of Swedish refinery capacity and 30% of Nordic refinery capacity. Preem's two refineries are among the biggest, most sophisticated and environmentally efficient in Europe.
Dewey & LeBoeuf advised Preem on all aspects of the loan transaction, as well as managing and advising on legal issues relating to various matters which preceded the transaction and the structuring of the credit facility.
Dewey & LeBoeuf worked with Mannheimer Swartling, Preem's local Swedish counsel, and Allen & Overy, counsel to the facility agent.
The Dewey & LeBoeuf transaction team was led by partner Nabil Khodadad in London and partner John Fallon in New York. They were assisted in London by Emma Pond and Natalia Samodina.
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