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Clifford Chance and Allen & Overy Advise on Sovcombank's USD 350 Million ESG Loan in Russia

Clifford Chance and Allen & Overy Advise on Sovcombank's USD 350 Million ESG Loan in Russia

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Clifford Chance’s Moscow office has helped Sovcombank obtain a USD 350 million ESG loan -- its first loan based on environmental, social and governance principles.

Allen & Overy advised mandated lead arrangers and book-runners AO UniCredit Bank, Commerzbank AG, HSBC Bank plc, ING Bank AO, JSC Russian Regional Development Bank, and PJSC Rosbank, mandated lead arrangers the Eurasian Development Bank and PJSC Bank ZENIT, additional lead arrangers Banca Intesa, Credit Suisse (Switzerland) Ltd., and the International Bank for Economic Co-operation, coordinator and facility agent ING Bank N.V., and ESG coordinator HSBC Bank plc. 

Sovcombank is a Russian bank that operates a network of 2,500 offices and employs more than 15,000 people. According to Clifford Chance, the bank "will use the funds to finance its foreign trade operations, its general corporate purposes, and [for] further growth of its portfolio of Halva BNPL platform.” According to reports, the bank initially set the sum to be borrowed at USD 200 million but raised it to USD 350 million after oversubscription.

Clifford Chance’s team included Partner Vladimir Barbolin and Counsel Igor Bichenkov. 

Allen & Overy’s team consisted of London-based Partner Oleg Khomenko, Moscow-based Counsel Sergey Blinov, and Moscow-based Associates Daisy Chapman and Alexander Nabokov.

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