Press Release
| April 16, 2008
Dewey & LeBoeuf Advises on Inaugural Georgia Sovereign Bond Issue
(London - April 16, 2008) - Dewey & LeBoeuf has advised the Government of Georgia (acting through the Ministry of Finance) on the issue of US$500 million 7.5% Notes due April 15, 2013 listed on the London Stock Exchange. This offering, which was conducted outside the United States pursuant to Regulation S, was three times over-subscribed. The joint lead managers for the transaction were JPMorgan and UBS Investment Bank. The transaction marks the continuation of the Firm's impressive track record of advising on sovereign issues.
The debut sovereign Eurobond is only the second international bond issue by a Georgian entity. Lawyers on the team also acted on the first Georgian international bond effected by Bank of Georgia, Georgia's largest commercial bank, as well as Bank of Georgia's US$160 million IPO, which was the first-ever international listing out of Georgia.
Lead partner Louise Roman Bernstein commented: "The Dewey & LeBoeuf London team is proud to have advised on this ground-breaking transaction for the Government of Georgia. This international Eurobond issue and listing on the London Stock Exchange is the latest in a string of cutting-edge sovereign bond issues in which Dewey & LeBoeuf has acted as lead international counsel for either the issuer or the joint lead managers."
In 2007, Dewey & LeBoeuf advised on almost all sovereign bond issues out of the Middle East, including several bond issues by The Lebanese Republic, a second issue by The Kingdom of Morocco and an innovative issue by The Arab Republic of Egypt, which was the first international bond to be denominated in Egyptian Pounds and only the second issue out of the Middle East denominated in a local currency.
In addition to partners Louise Roman Bernstein and Camille Abousleiman, the London-based Dewey & LeBoeuf team advising the Government of Georgia included senior associates Kate Rea and Patrick Lyons.
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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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