Shearman & Sterling has acted as US, English and German counsel to Barclays Bank PLC, HSBC Bank plc and Standard Chartered Bank as initial purchasers in connection with MBPS Finance Company’s $320 million senior notes offering. The transaction closed on November 15.
Part of the proceeds of the senior notes offering was used to refinance term loans and short-term credit facilities in an aggregate principal amount of $309.5 million.
MBPS Finance Company and MBPS are wholly owned subsidiaries of Mohamed Al Barwani Holding Company LLC (MB Holding), a diversified natural resources company with significant operations in the Middle East, Europe, Asia and Australasia. MB Holding is one of the largest privately owned companies in Oman and one of only a few private natural resources companies with its origins in the Middle East. The $320 million senior notes offering is the first offering of conventional high yield notes by a Middle Eastern company.
The Shearman & Sterling team of lawyers in the firm’s London, Abu Dhabi, Munich and New York offices was led by partner Jacques McChesney. He was assisted by partner Katja Kaulamo, counsel Robert Ferguson and associates James Benson, Rob Beard, Mike Kung, Axel Korth, Sebastian Remberg, Christy Wong and Sherif Maher. Tax advice was provided by partners Bernie Pistillo and Iain Scoon and associates Shiu-Kay Hung and James Leslie.
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