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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