Saras in Bonds Offering

July 17, 2014

Cleary Gottlieb assisted long-time client Saras in a private placement of bonds with a total principal amount of €175 million. The bonds bear a yearly coupon of 5% and mature on July 17, 2019. Saras applied for the listing of the bonds on the Third Market, a multilateral trading facility managed by the Wiener Börse. The bonds were priced on July 9 and the offer closed on July 17.

The net proceeds from the bonds’ issuance will be used by Saras to partially refinance existing debt, as well as for general corporate purposes. Banca IMI acted as sole lead manager for this private placement.

Saras is active in the energy sector, and is a leading Italian and European crude oil refiner. It has approximately 1,800 employees and total revenues of about €11.2 billion, as of December 31, 2013.