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Morgan Lewis Serves as English Advisor to VTB Bank on Tender Offer



Morgan Lewis advised the Russian VTB Bank on a cash tender offer that closed for three of its outstanding Loan Participation Notes.

The tender offer involved USD 750 million 6.315% Loan Participation Notes due February 2018, its USD 2 billion 6.875% Loan Participation Notes due May 2018 and its USD 1 billion 6.551% Loan Participation Notes due October 2020.

The tender offer was launched on January 20, 2014 for up to an aggregate principal amount of $500 million of Notes across the three series. The offer expired on January 24, 2014, at which time approximately USD 643 million of Notes across the three series had been tendered. Approximately USD 291 million of the Notes tendered were accepted for purchase.

The tender offer was structured as an offer to purchase made by VTB Capital plc, a subsidiary of VTB, followed by a sale of the purchased Notes by VTB Capital plc to VTB. The purchase prices paid for the Notes were determined by a modified Dutch auction procedure. The dealer managers of the tender offer were Citigroup and VTB Capital.

Morgan Lewis served as English legal adviser to VTB on the tender offer. The Morgan Lewis team was led by Business and Finance Partners Carter Brod and Bruce Johnston, assisted by Associates Elizabeth Dennison and Thomas Webb.

Russian Knowledge Partner

Founded in 1993, Egorov Puginsky Afanasiev & Partners is the leading full-service law firm in the CIS with offices in Russia, Ukraine and Belarus and associated offices in the UK, the USA and Cyprus.

We advise its clients in many areas of law, including: dispute resolution in Russia and abroad, corporate law, M&A, antitrust issues, project finance and PPP, restructurings and insolvencies, energy and natural resources, property management and privatization, environment, technical regulation and industrial safety, banking and finance, intellectual property, criminal law, real estate and construction, taxation, family and labour disputes, marine and transport law, and international trade and customs.

We combine high academic qualifications, internationally acknowledged moral and ethical values, senior partners' professional experience and practical abilities with the vigour and knowledge of younger attorneys that enables thus providing clients with reliable, first-class service according to both Russian and western standards through a flexible structure.

All News about, and Legal Analysis by, Egorov Puginsky Afanasiev & Partners can be found here.

Firm's website: www.epam.ru


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