Dewey & LeBoeuf has advised State Corporation “Bank for Development and Foreign Economic Affairs (Vnesheconombank)” (VEB) in connection with the update of its US$30 billion Loan Participation Notes Programme and the issuance, in two tranches, of US$600 million 5.45% Notes due 2017 and US$1 billion 6.80% Notes due 2025 under the Programme.
Earlier this year, Dewey & LeBoeuf advised VEB on the establishment of the Programme and the initial issuance of US$1 billion 6.902% Notes due 2020 under the Programme, which marked the first-ever international debt offering by a Russian state corporation.
Dewey & LeBoeuf’s cross-border team was again led by London-based Partner Louise Roman Bernstein, with support from London-based Associates Matthew Gilmartin and Anthony Martinez and Moscow-based Associates Liya Grishaeva, Alexei Matsuev and Valentina Semenikhina.
Commenting on VEB’s offering, Partner Louise Roman Bernstein said, “We are delighted to have acted once again for VEB in connection with this transaction, which builds on VEB’s initial success in accessing the international capital markets. The closing of these offerings was particularly rewarding as we were able to meet the aggressive timetable required by the client and market conditions.”
Citi, Credit Agricole, HSBC and JP Morgan were joint lead managers for VEB’s latest offerings of Notes, which were sold in the United States to qualified institutional buyers under Rule 144A and outside the United States under Regulation S.
The transaction follows closely on the back of another repeat bond issue, which saw Dewey & LeBoeuf’s team led by Louise Roman Bernstein advising JSC National Company KazMunayGas (KMG). KMG updated its US$7.5 billion Global Medium Term Note Programme and issued US$1.25 billion 6.375% Notes due 2021 on November 10, 2010.
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