LAWFUEL – Press Release Service – Lovells has advised Promsvyazbank on the creation of a $20 billion debt issuance programme. Promsvyazbank, Russia’s 12th largest bank in terms of assets based on Russian accounting standards as at the beginning of April 2006, will use the programme as an issuing platform for various notes. The programme was established on 13 June 2006.
This platform allows Promsvyazbank to arrange note issues for a range of Russian and other clients. The ceiling limit for this programme is $20 billion. Lovells set up similar programmes for Trust and Alfa Bank in 2004 and 2005 respectively.
The Lovells team was led by capital markets partner Andrew Carey with support from Michael Pugh in London and Jonathan Malim in Moscow. Tauhid Ijaz advised The Bank of New York in London as the programme’s trustee and payment agent. Ken Breken and Anton Louwinger advised on legal and taxation issues in The Netherlands, where the issuing vehicle is located.
Speaking for the team, Andrew Carey said: “We are very pleased to have established this platform for Promsvyazbank and to allow many different corporates from Russia and elsewhere to tap into the international debt capital markets. This intricate job pulled together cross-border expertise from our team members in the Amsterdam, London and Moscow offices.