The multijurisdictional Freshfields team was led from across London and Moscow by partners Peter Allen, Dmitry Surikov and Sarah Murphy

Freshfields Bruckhaus Deringer LLP (‘Freshfields’) has advised PAO Severstal (‘Severstal’) on its $250m issuance of senior unsecured guaranteed convertible bonds, due 2022. Severstal is a steel and steel-related mining company with major assets in Russia as well as investments in other regions. This transaction is the first-ever Russian bond issuance, and one of the first emerging-market bond issuances to achieve zero-coupon pricing.

The bonds are being issued by a subsidiary of, and guaranteed by, Severstal and are convertible into Global Depositary Receipts (‘GDRs’) of Severstal listed on the London Stock Exchange, each representing one ordinary share of the company. This is the third convertible bond issuance from  Severstal, following on from deals in 2013 and 2016 on which Freshfields also advised.

The multijurisdictional Freshfields team was led from across London and Moscow by partners Peter Allen, Dmitry Surikov and Sarah Murphy.