Magnitogorsk Iron & Steel Works’ $500 Million Eurobond Offering

White & Case LLP has advised Magnitogorsk Iron & Steel Works (MMK), as Guarantor, on the offering by MMK International Capital DAC of US$500 million 4.375% notes due 2024 unconditionally and irrevocably guaranteed by MMK.

The notes were listed on the regulated market of Euronext Dublin. Citi, J.P. Morgan and Société Générale acted as Joint Lead Managers and Joint Bookrunners for the new issue.

MMK is one of the world’s largest steel producers and a leading Russian metals company. The transaction represents its return to the international markets after more than 15 years. The issue was more than 4.5 times oversubscribed, with the total order book exceeding US$2.2 billion at peak.

The White & Case team which advised on the transaction was led by partners Darina Lozovsky (Picture) and Stuart Matty (London), and included local partner Dmitry Lapshin (Moscow), counsel Doron Loewinger (London) and associates Renat Akhmetzyanov, Yulia Akulinina and Anastasia Sheyndlina (all Moscow).

Involved fees earner: Renat Akhmetzyanov – White & Case; Yulia Akulinina – White & Case; Dmitry Lapshin – White & Case; Doron Loewinger – White & Case; Darina Lozovsky – White & Case; Stuart Matty – White & Case;

Law Firms: White & Case;

Clients: Magnitogorsk Iron & Steel Works PJSC;