November

Canaccord Genuity Hawkpoint advises OMV AG on the placing of a €500 million 10 year senior bond and the refinancing of €1.7 billion of bank debt facilities

In November 2011, OMV refinanced two major revolving credit facilities (RCFs) on which Canaccord Genuity Hawkpoint advised.  These comprised the refinancing of a corporate liquidity backstop facility to raise a new five year RCF of €750 million, extendible to seven years (thus complementing an earlier five year RCF for €1.5 billion on which Hawkpoint also advised in 2010);  and a major refinancing of committed bank facilities to OMV Petrom, its 51%-owned subsidiary in Romania, which raised €930 million. 

Both refinancings were successfully completed in what became ever more challenging conditions in the loan markets given the funding and liquidity difficulties faced by many banks in the eurozone.  Both transactions were launched at €750 million and both were over-subscribed.  The group level facility was scaled back from the €1bn subscribed while OMV Petrom took the full amount subscribed.

In October 2011, Hawkpoint also advised OMV on the first leg of their planned liability management exercise which involved the issue of a €500 million 10-year senior bond.  The coupon on this bond was a highly competitive 4.25% and this too represented a considerable success in light of the subsequent market turmoil in Eurozone countries.

Canaccord Genuity Hawkpoint advised on the structure, timing, tactics and execution of the above transactions.

We continue to advise the company on further liquidity management issues. 

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