White & Case has advised a large group of lenders including ING Bank NV, Credit Agricole Corporate and Investment Bank, and other mandated lead arrangers, and Bank of America Merrill Lynch as Facility Agent, on a new USD 1.55 billion revolving credit facility provided to MOL Group. Lawyers from Allen & Overy advised the MOL Group.
MOL is a leading international integrated oil and gas company headquartered in the Hungarian capital. It is the biggest company in Hungary and a blue chip firm on the Budapest Stock Exchange. It has operations in more than 40 countries, employs almost 30,000 people worldwide, and its exploration and production activities are built on more than 75 years’ experience in the hydrocarbon field. According to White & Case, the new facility is expected to be used for, among other things, refinancing MOL’s EUR 500 million revolving credit facility that expired in September 2014 and the USD 545 million revolving credit facility concluded in April 2013.
The White & Case team that advised the lenders on the transaction was led by Prague-based Partner Jonathan Weinberg, with support from Local Partner Gergely Horvath and Associate Tamas Eross (both in Budapest). Weinberg said of the transaction that: “We were very pleased to continue the Firm’s relationship with our banking clients, as well as with MOL, having successfully supported them on similar transactions for a number of years. Our advice on this new, very high volume MOL facility was built on cross-border collaboration between lawyers based in Prague and Budapest, underlining the strength of our network and English law capabilities in the Central & Eastern European region.”
Allen & Overy Partner James Graham and Counsel Attila Csongrady acted as drafting counsel on the deal, representing MOL. They were assisted by A&O Associate Rudolf Pfeffer.
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