The Moscow and London offices of Debevoise & Plimpton LLP have advised longstanding client PJSC MMC Norilsk Nickel (“Nornickel”) in its $500 million Eurobond offering due 2025 with a coupon rate of 2.55% per annum, the lowest coupon ever achieved by a corporate or sovereign issuer out of Russia and CIS for any USD-denominated Eurobond public placement.

Nornickel 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 Nornickel on a number of similar finance and capital market matters, including in six previous Eurobond offerings totaling $5 billion.

The Debevoise team advising Nornickel was led by London partner James Scoville, and included Moscow partner Alan Kartashkin, international counsel Dmitry Karamyslov, and associates Evgenii Lebedev and Timur Ochkhaev. Tax advice was provided by partner Cécile Beurrier, counsel Huey-Fun Lee and associate Patrick Fasoro.