12 October – LAWFUEL – The Law News Network – Allen & Overy Moscow acted for Commerzbank AG and Bayerische Landesbank on a €300 million syndicated telecoms financing for OJSC MegaFon. The financing involved Hermes and SACE credit support in connection with the purchase by MegaFon of GSM 900/1800 equipment from Siemens Italy and Germany for MegaFon’s network extension. MegaFon is Russia’s third largest mobile telecommunications company.
In addition to confidential transactions, other recent telecoms financings involving the Allen & Overy Moscow office are:
· Export Development Canada’s financing of RTK Leasing’s purchase of CDMA 450 telecommunications equipment from Nortel Networks;
· restructuring of the syndicated financing by Nordea Bank AB and Bayerische Hypo- und Vereinsbank AG to OJSC MegaFon; and
· advising Kazkommertsbank on a $30 million unsecured facility for Russian telecommunications company, MegaFon.
Peter Timchur who led Allen & Overy’s team on the deal comments: “This transaction emphasises continued positive foreign investment in the Russian telecommunications sector and demonstrates reliance placed by European investors on Russia’s political and economic stability.”
The team was led by Peter Timchur (managing partner), assisted by Grant Williams (senior associate) and Elena Konchits (associate). Milan office partner Franco Vigliano and his team advised on SACE and Simest compliance and in negotiation for the Italian banks.
For further information, please contact Peter Timchur ([email protected]), Grant Williams ([email protected]) or Ekaterina Gorchakova ([email protected]) on +7 501 725 7900 in Moscow, or Franco Vigliano ([email protected]) on +39 02 290 491 in Milan.