Gibraltar Stars In Major International Bond Deal
In a dramatic example of the growing role of offshore jurisdictions in major
international financings, a Gibraltar subsidiary of a Russian bank last week
issued a US$1.5bn bond for Vimpelcom, guaranteed by the bank's BVI holding company. Eco Telecom, an indirect telecommunications financing Gibraltar subsidiary
of Moscow's Alfa Bank, completed the Series A floating rate bond issue, due
in 2009, on behalf of VimpelCom, a leading provider of telecommunications services
in Russia, Kazakhstan and other ex-USSR countries. The issue was underwritten
by Deutsche Bank. Eco Telecom’s obligations under the bonds are secured by a pledge of
shares in Russian Open Joint Stock Company Vimpel-Communications and by cash
margining arrangements They are also guaranteed by Eco Telecom's parent, Altimo
Holdings & Investments in the British Virgin Islands. The deal also involved the usual plethora of international and offshore law
firms, including, for Deutsche Bank, Davis Polk & Wardwell, Clifford Chance
(Russian law), Slaughter and May (English law), Hassans (Gibraltar law), Applebys
(British Virgin Islands law). Eco Telecom and Altimo Holdings & Investments
were advised by Lovells, Walkers and Triay & Triay. .
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