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Repsol Completes Debt Tender Offer for U.S. Dollar Bonds

Paul, Weiss client Repsol Oil & Gas Canada Inc., a Canadian upstream oil and gas company, announced an any-and-all tender offer to repurchase its 7.75% senior notes due 2019, 3.75% senior notes due 2021, 7.25% debentures due 2027, 5.75% senior notes due 2035, 5.85% senior notes due 2037, 6.25% senior notes due 2038 and 5.50% senior notes due 2042. The tender offer was conducted as a five business day tender on the basis of the SEC's January 23, 2015 no-action letter. On March 31, Repsol completed settlement with respect of its notes validly tendered by the expiration time and on April 4, Repsol completed settlement with respect to the notes tendered pursuant to the guaranteed delivery procedures. The dealer managers for the transaction were HSBC Securities (USA) Inc. and UBS Securities LLC.

The Paul, Weiss team included corporate partner Andrew Foley and counsel Stephen Centa; and tax partner David Mayo.

March 23, 2016

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