Leading global law firm Baker McKenzie has advised VTB Bank on the refinancing of its bilateral term loan agreement with VEON Holdings B.V. (a subsidiary of VEON Ltd (NASDAQ: VEON, Euronext Amsterdam: VEON). VEON Holdings B.V. has successfully refinanced its existing RUB 30 billion (approximately US$422 million) bilateral term loan agreement, which will extend the maturity and reduce the cost of the existing loan.

Leading on the transaction, London partner Nick O’Grady said, “It has been fantastic to work on this high profile transaction. We are very pleased to have helped VEON and VTB Bank achieve this valuable addition to the group's capital structure. Bringing together a team from multiple jurisdictions, this transaction is a great example of how Baker McKenzie's global finance offering can assist international clients with all their financing needs."

The Baker McKenzie team was led from London by Banking and Finance partner Nick O’Grady and supported by associates Sonali Maulik, Emily Rothfield and Samantha Greer. Tax advice was provided by London partner Matthew Legg and associate Rose Allan. Further support came from Martijn van der Vliet (legal director) and associate Barbee Bartels in Amsterdam, partner Simon Morgan and associate Andrey Lebedev (both Moscow) and finance partners Rob Mathews and Haden Henderson (London).

The VTB Bank transaction is another example of Baker McKenzie’s integrated bank-bond practice and ongoing support of VEON's finance initiatives. Other recent transactions include representing the dealers and managers on the establishment of VEON’s US$6.5 billion issuance programme, the initial purchasers on Teva Pharmaceuticals’ US$2.1 billion bond issuance and similarly on Cabot Credit Management’s US$400 million bond issuance. Just last week, Baker McKenzie also announced its representation of the initial purchasers on the US$1.15 billion high yield bond issuance by Liberty Latin America’s subsidiary, VTR.

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