International law firm Freshfields Bruckhaus Deringer has advised Russian petroleum firm Rosneft on the establishment of its US$10 billion Eurobond programme, and its first ever issue of Eurobonds. Within the programme, US$3 billion of bonds have been placed on international capital markets.
Headquartered in Moscow, Rosneft is one of the world’s largest publicly traded oil companies by proved reserves of hydrocarbons. Its first Eurobond issue has been structured in two tranches, with Rosneft issuing US$1 billion in a five-year paper and a further US$2bn in a ten-year paper.
The team at Freshfields was led by partners Peter Allen, Don Guiney and Mikhail Loktionov, supported by the Rosneft relationship partner Sergei Diyachenko.
This issue is another important step in a series of high-profile mandates on which Freshfields has acted for Rosneft, including the proposed share swap agreement with BP and its subsequent $3.2bn agreement with ExxonMobil. The mandate also represents another major milestone in the firm’s debt capital markets practice in Russia, where Freshfields regularly advises such major Eurobond issuers as Severstal, Russian Railways, and Sberbank.
