The London, Moscow and New York offices of Debevoise & Plimpton LLP have advised longstanding client NLMK in its EUR 500 million 5-year Eurobond offering with an annual coupon rate of 1.45%, the lowest coupon ever achieved by a Russian non-state owned corporate issuer. For more information, please see the company’s press release.

The proceeds from the issue will be used to finance the purchase of existing notes due 2023 and 2024 for the aggregate principal amount of $470.6 million, as well as for NLMK’s general corporate purposes. Debevoise has also advised NLMK on the related tender offer for the outstanding 2023 and 2024 notes.

Debevoise previously advised NLMK on five Eurobonds totaling $3 billion in principal amount and three tender offers totaling $1 billion.

NLMK Group is the largest steelmaker in Russia and one of the most efficient in the world. NLMK Group’s steel products are used in various industries, from construction and machine building to the manufacturing of power-generation equipment and offshore wind turbines. NLMK operates production facilities in Russia, Europe and the United States. NLMK’s steel production capacity exceeds 18 million tonnes per year.

The Debevoise team advising NLMK was led by London partner James Scoville. It included London partner Alan Davies, Moscow international counsel Dmitry Karamyslov and associates Timur Ochkhaev and Evgenii Lebedev. Tax advice was provided by New York partner Michael Bolotin and associate Sabrina Hsieh, and London associate Patrick Fasoro.