Freshfields and A&O on Cepsa and Amadeus repurchase of senior bonds

Freshfields has advised international energy group Cepsa and global travel technology company Amadeus on their respective tender offers for the repurchase of senior bonds.

Amadeus repurchased an aggregate principal amount of 250 million euro under a tender offer priced at a fixed spread over mid-swaps, while Cepsa repurchased an aggregate principal amount of 100 million euro under a tender offer structured as a modified Dutch auction. Both tender offers were oversubscribed.

The purpose of the offers was to decrease the respective companies’ gross debt and to optimise their respective balance sheets. Furthermore, the offers provided a degree of liquidity to bondholders who tendered their bonds.

The Freshfields team was led by counsel Joe Amann (pictured left) , and included senior associate Chelsey Kaka (pictured in the middle), associate Javier Gonzalez (pictured right) and trainee solicitor Chloé Clavell.

The banks acting as dealer managers on the transactions were advised by Allen & Overy (partners Charles Poole-Warren and Salvador Ruiz Bachs, senior associate Cristina Pablo-Romero and associate Lázaro Garcia).

Freshfields and A&O on Cepsa and Amadeus repurchase of senior bonds


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