Simpson Thacher represented J.P. Morgan Securities LLC, as dealer manager, in connection with the cash tender offer by Motiva Enterprises LLC (“Motiva”) to purchase any and all of its outstanding 6.85% Senior Notes due 2040 (the “Notes”). Of the $1,000,000,000 aggregate principal amount of the Notes outstanding, 32.67% were tendered and accepted in the tender offer.
Motiva, a wholly owned affiliate of Saudi Aramco, refines, distributes, and markets petroleum products throughout the Americas. The company's Port Arthur Manufacturing Complex is comprised of North America’s largest refinery with a crude capacity of 630,000 barrels a day, the country's largest base oil plant, and an adjacent chemical plant. Under exclusive, long-term brand licenses with Shell and Phillips 66 (for the 76® brand), Motiva’s marketing operations support more than 5,000 retail gasoline stations.
The Simpson Thacher team included John C. Ericson, Patrick Baron and Rachel Lerman (Capital Markets); and Jonathan Cantor (Tax).