Mounir Kartit

As part of this transaction, OCEANICA LUX, a Luxembourg-incorporated subsidiary of Oceânica Engenharia e Consultoria, implemented a comprehensive refinancing of its existing indebtedness. Oceânica Engenharia e Consultoria is a Brazil-based provider of subsea engineering and offshore support services to the oil and gas industry.

The offering of the EUR 1.7 billion aggregate principal amount of notes was made through the group’s Luxembourg subsidiary, Novartis Finance S.A., and guaranteed by Novartis AG. Alongside Freshfields LLP (acting as English law advisers) and Homburger AG (acting as Swiss law advisers), our team advised on the Luxembourg capital markets aspects and assisted with the tax disclosure in connection with the transaction.

The transaction involved a EUR 1.125 billion Term Loan B (TLB), raised as part of a broader approximately EUR 1.4 billion financing, which also comprised a EUR 200 million revolving credit facility and a EUR 75 million guarantee facility. This enabled Hanab to optimise its capital structure while facilitating a shareholder distribution, achieved against a backdrop of continued macroeconomic and geopolitical volatility.