Clifford Chance’s London office advised the lead manager on the Rule 144A/Reg. S offering of U.S.$568 million 8.375% guaranteed notes due 2017 issued by a Ukrainian state agency for the purpose of financing the construction of infrastructure for the 2012 UEFA European Football Championship in Ukraine.
The notes were issued by the Ukrainian State Enterprise “Financing of Infrastructural Projects” and benefited from a guarantee by the Cabinet of Ministers of Ukraine (acting on behalf of Ukraine). The proceeds are being used to fund work on football stadiums in Kyiv and Lviv and the international airports in Donetsk and Lviv in connection with the 2012 UEFA European Football Championship which will be held in Ukraine and Poland. It is expected that the note proceeds will be important in ensuring the timely completion of preparations for the Championship.
This note offering followed on the success of the U.S. $500,000,000 6.875% Notes due 2015 and the U.S.$1,500,000,000 7.75% Notes due 2020 that were issued by the Ukrainian government in September 2010, on which Clifford Chance also acted as counsel to the joint lead managers.
The Clifford Chance deal teams were led by Tim Morris, Robert Trefny and David Dunnigan and also included Terrence Moloney, Patrick Dougherty, George S. Georgiev, Caroline Smart, Priya Sarohia and Edward Powell.
David Dunnigan, capital markets partner said:
“These transactions again highlight the capabilities of our market-leading sovereign debt practice as well as our strength in emerging markets.”