Clifford Chance’s London and Moscow offices recently advised Russian private bank NOMOS as the borrower in connection with an offering of U.S.$500 million of 10 per cent. loan participation notes due 2019 issued by its subsidiary Nomos Capital plc for the purpose of financing a U.S.$500 million subordinated loan. Proceeds from this transaction are expected to be included in the calculation of NOMOS Bank’s lower tier 2 capital, subject to the Central Bank of Russia’s final approval.
NOMOS Bank is currently the eighth largest banking group in Russia by total assets and this offering represents the largest subordinated Eurobond issue by a Russian private bank and marks the longest non-callable subordinated debt transaction out of Russia.
Chris Walton, U.S. Securities partner who led the Clifford Chance team on the transaction, commented:
“We are delighted with the successful completion of this subordinated debt offering by NOMOS. Having advised NOMOS on its initial public offering and listing of GDRs in London in April 2011, we appreciated the opportunity to assist NOMOS in further increasing its total capitalization and strengthening its platform for future growth “.
The Clifford Chance team in London also included U.S. associates Erin Levin and Marianna Shelenkova and senior associate Irina Ignatieva. Moscow partner Tamer Amara, counsel Evgeny Soloviev and associate Stanislav Tereshchenko advised on Russian law aspects of the transaction.
