The Moscow and London offices of Debevoise & Plimpton LLP have advised longstanding client Norilsk Nickel on the upsizing and extension of its syndicated facility agreement, originally signed in December 2017, with a group of international banks. The amendments increased commitments from $2.5 billion to $4.15 billion, reduced interest rate and significantly increased maturity. This transaction signifies a record low interest rate for Russian corporates in the international syndicated loan market as well as the size and tenor of the loan. The syndicate comprises 25 American, European and Asian banks.

Norilsk Nickel is a diversified mining and metallurgical company, the world's largest producer of refined nickel and palladium, and a leading producer of platinum, cobalt, copper and rhodium. The company also produces gold, silver, iridium, selenium, ruthenium and tellurium.

Debevoise has previously advised Norilsk Nickel on a number of similar finance and capital market matters, including the original syndicated facility.

The Debevoise team advising on this transaction was led by Moscow international counsel Dmitry Karamyslov and included partners Alan Kartashkin in Moscow and Alan Davies in London as well as associates Olga Panfilova and Charles Low.

Debevoise & Plimpton LLP is a premier law firm with market-leading practices, a global perspective and strong New York roots. We deliver effective solutions to our clients’ most important legal challenges, applying clear commercial judgment and a distinctively collaborative approach.