White & Case has advised Magnitogorsk Iron & Steel Works on the offering of USD 500 million 4.375% notes due 2024. Freshfields reportedly advised joint lead managers Citi, J.P. Morgan, and Societe Generale on the deal.
The notes were listed on the regulated market of Euronext Dublin.
Magnitogorsk Iron & Steel Works (MMK) is a global steel producer and a metal company in Russia. According to White & Case, the transaction represents MMK’s return to the international markets after more than 15 years. The issue was more than 4.5 times oversubscribed, with the total order book exceeding USD 2.2 billion at peak.
The White & Case team was led by Moscow & London-based Partner Darina Lozovsky and London-based Partner Stuart Matty and included Moscow-based Local Partner Dmitry Lapshin and Associates Renat Akhmetzyanov, Yulia Akulinina, and Anastasia Sheyndlina, as well as London-based Counsel Doron Loewinger.