Debevoise Advises MFG in Various Financing Arrangements of its Acquisition of Morrisons Petrol Forecourts

30 April 2024

Debevoise & Plimpton LLP has advised Motor Fuel Group (MFG) in the financing of MFG’s acquisition of 337 petrol forecourts (including fuel, convenience retail kiosk and ancillary services) and more than 400 associated sites from Wm Morrison Supermarkets Limited.

The financing consisted of (i) the offering of £400 million of 8.625% senior secured notes due 2029, (ii) the incurrence of approximately £770 million of sterling-denominated borrowings and €500 million of euro-denominated borrowings under new term loan facilities, (iii) a £310 million revolving credit facility, (iv) £95 million letter of credit facilities, (v) multiple supply chain facilities and (vi) the issuance of £650 million in senior preference shares to funds managed by Clayton, Dubilier & Rice.

MFG is the leading mobility retailer in the United Kingdom by number of sites and fuel volumes.

The Debevoise team was led by partners Alan Davies, Raman Bet-Mansour, Nick Pellicani and Ryan Rafferty, and included international counsel Vera Losonci and Gregg Young, and associates Missy Aja, Almas Daud, Patrick Dixon, Julia Glazer, Michael Keene, Lee Lancaster, Evgenii Lebedev, Yiran Ji, Micah Rubin, Keith Stackhouse, Ines Tulic and Toby Wenham Rogers. Tax advice was provided by partner Cécile Beurrier, and associates Christopher Gossage and Weichi Liu.