Freshfields acts for Russian metals giant on $3bn finance package
Freshfields Bruckhaus Deringer has taken the lead role advising on a $3bn (£2bn) loan participation programme on the London Stock Exchange (LSE). The magic circle firm has advised Russian metals giant OAO Severstal on the financing, which saw the company issue a $1bn (£626m) eurobond under the programme with a seven-year maturity.
November 02, 2010 at 02:30 AM
2 minute read
Freshfields and Links act on Severstal programme and bond issue
Freshfields Bruckhaus Deringer has taken the lead role advising on a $3bn (£2bn) loan participation programme on the London Stock Exchange (LSE).
The magic circle firm has advised Russian metals giant OAO Severstal on the financing, which saw the company issue a $1bn (£626m) eurobond under the programme with a seven-year maturity.
London corporate partner Don Guiney led the Freshfields team, which included corporate associates Jim McInerney and Marshall Chalmers. Moscow-based senior corporate associate Pavel Koutovoi and corporate associate Maria Ratner led a team of Freshfields lawyers in Russia.
The firm is a longstanding adviser to Severstal and previously advised the company on its $15bn (£9bn) initial public offering in 2006.
Linklaters has also landed a role on the latest bond issue, acting for the underwriters through a team led by London-based head of US securities Cecil Quillen and Moscow-based capital markets partner Peter Allen. Barclays Capital, Goldman Sachs and Royal Bank of Scotland acted as arrangers.
Severstal is one of the world's leading integrated steel and mining companies, with assets in Russia, Ukraine, Kazakhstan, Italy, France, the US and Africa. The company's shares are traded on the Russian Trading System as well as the LSE.
Proceeds from the first issuance of notes under the programme will be used to fund a cash tender offer for a portion of Severstal's existing loan participation notes due in 2013.
Magic circle rival Allen & Overy has also acted for Severstal in the past, including on its failed €46bn (£40bn) bid for Luxembourg steelmaker Arcelor in 2006. Arcelor instead opted to merge with Mittal Steel.
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