Press Release
| July 12, 2010
Dewey & LeBoeuf Advises VEB on US$1 Billion Notes Issuance under its Newly-Established US$30 Billion Loan Participation Notes Programme
(London, June 12, 2010) – Dewey & LeBoeuf has advised State Corporation “Bank for Development and Foreign Economic Affairs (Vnesheconombank)” (VEB) in connection with its establishment of a US$30 billion Loan Participation Notes Programme and the issuance of US$1 billion 6.902% Notes due 2020 under the Programme. The transaction marks the first-ever international debt offering by a Russian state corporation.
Dewey & LeBoeuf’s cross-border team was led by London-based Partner Louise Roman Bernstein, assisted by Moscow-based Partner Yulia Cherkassova, with support from London Associates Martin Mackenzie and Matthew Gilmartin and Moscow Associates Liya Grishaeva, Alexei Matsuev and Valentina Semenikhina.
Commenting on VEB’s offering, Partner Louise Roman Bernstein said, "We are delighted to have acted for VEB in connection with its debut notes offering in the international capital markets, which represents a key milestone for VEB in diversifying its funding sources and raising its profile in the global marketplace. Meeting the challenges involved in completing the first-ever international debt offering by a Russian state corporation made this transaction particularly rewarding.”
Brian Zimbler, managing partner of Dewey & LeBoeuf’s Moscow office, commented, “We appreciate the opportunity to expand our relationship with VEB to include capital markets work, particularly in connection with such a significant transaction for a Russian issuer.”
Barclays Capital, Citi, HSBC and Société Générale Corporate & Investment Banking, represented by Linklaters, were joint lead managers for the Programme and the Notes issuances, which were sold both in the United States to qualified institutional buyers under Rule 144A and outside the United States under Regulation S.
This memorandum is intended only as a general discussion of these issues. It is not considered to be legal advice. We would be pleased to provide additional details or advice about specific situations. For additional information on this important topic, please feel free to call upon your Dewey & LeBoeuf relationship partner. No part of this publication may be reproduced, in whole or in part, in any form, without our prior written consent.
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