Debevoise & Plimpton has advised longstanding client PJSC MMC Norilsk Nickel on its USD 500 million Eurobond offering due 2025 with a coupon rate of 2.55% per annum.
According to Debevoise, the 2.55% coupon rate is "the lowest coupon ever achieved by a corporate or sovereign issuer out of Russia and CIS for any USD-denominated Eurobond public placement."
Nornickel is a diversified mining and metallurgical company and the world's largest producer of refined nickel and palladium. The company also produces platinum, cobalt, copper, rhodium, gold, silver, iridium, selenium, ruthenium, and tellurium.
The Debevoise team advising Norilsk Nnickel was led by London Partner James Scoville and included Moscow Partner Alan Kartashkin, International Counsel Dmitry Karamyslov, and Associates Evgenii Lebedev and Timur Ochkhaev. Tax advice was provided by Partner Cecile Beurrier, Counsel Huey-Fun Lee, and Associate Patrick Fasoro.
Debevoise has previously advised Norilsk Nickel on a number of similar finance and capital market matters, including on six previous Eurobond offerings totaling USD 5 billion. Most recently, Debevoise advised Norilsk Nickel on in its 2019 USD 750 million Eurobond offering due 2024 (as reported by CEE Legal Matters on November 4, 2019).