The unsecured senior unsecured bond issued by Motor Oil, which aims to raise €400 million, has seen strong oversubscription.
Bids totaling over €1.4 billion have already been submitted to the book, oversubscribing the target amount by 3.5 times.
The five-year bond will be used, together with existing cash reserves, to repay all existing bonds totaling €400 million with a coupon rate of 2.125% and maturing in 2026 (the “Existing Bonds”), including the payment of accrued and unpaid interest, as well as to repay the underwriting fees and expenses of the Offering.