Debevoise & Plimpton has advised Norilsk Nickel on the upsizing and extension of its December 2017 syndicated facility agreement.
According to Debevoise, “the amendments increased commitments from USD 2.5 billion to USD 4.15 billion, reduced interest rate and significantly increased maturity. This transaction signifies a record low interest rate for Russian corporates in the international syndicated loan market as well as the size and tenor of the loan. The syndicate [consists of] 25 American, European, and Asian banks.”
Norilsk Nickel is a diversified mining and metallurgical company, the world's largest producer of refined nickel and palladium, and a producer of platinum, cobalt, copper, and rhodium. The company also produces gold, silver, iridium, selenium, rutheniumm, and tellurium.
Debevoise’s Moscow-based team included Partner Alan Kartashkin and Counsel Dmitry Karamyslov, while its team in London included Partner Alan Davies and Associates Olga Panfilova and Charles Low.
Debevoise advised Norilsk on its USD 750 million Eurobond offering in November 2019 (as previously reported by CEE Legal Matters on November 14, 2019), as well as on a number of similar finance and capital market matters in the past, including USD 1 billion Eurobond offerings in 2015 (as previously reported by CEE Legal Matters on October 16, 2015) and 2017 (as previously reported by CEE Legal Matters on April 18, 2017).