Latham & Watkins advised the Arrangers, The Royal Bank of Scotland plc, Sberbank CIB and Troika Dialog Kazakhstan, in connection with the establishment by “Samruk-Energy” Joint Stock Company of its US$680,000,000 Global Medium Term Note Programme. The Notes were listed on the Irish Stock Exchange and the Kazakhstan Stock Exchange. Latham & Watkins subsequently advised the same institutions in their capacity as Dealers in relation to a US$500,000,000 drawdown under the Programme, which closed on 20th December 2012.
Samruk-Energy is the largest state-owned diversified power company in Kazakhstan. The establishment of the Programme and subsequent drawdown represented its debut in the international capital markets. The deal was particularly unique due to the novelty of the dual-listed structure, incorporating both the Irish listing and the local Kazakh listing. The deal is reflective of the expanding footprint of Latham in Russia and the former Soviet countries.
The Latham & Watkins’ deal team was led by London-based partner Lene Malthasen and Moscow-based partners David Stewart and Mikhail Turetsky, assisted by Moscow-based associates Olga Ponomarenko and Matthew Cohen.
