Vadim Kurochkin is an associate in the Moscow office of Baker McKenzie. Vadim Kurochkin specializes in banking and finance law with a particular focus on securitisation, capital markets (debt and equity), bank and corporate lending.
Representative Legal Matters
- Advising Transkapitalbank in connection with a debut securitisation of its RUB 7 billion SME loans portfolio. The issued bonds were placed with market investors at the fixed rate of 9.25% pa. The bonds were rated AAA by ACRA (Accounting and Corporate Regulatory Authority).
- Advising PJSC SCB Metallinvestbank in connection with a securitisation of its RUB 2.6 billion mortgage loans portfolio. This is a major transaction on the Russian securitisation market. This is the first time when the transaction structure was tested by a new rating agency, which applied new stress test scenarios and requirements to the securitisation transaction. Introduction of new protection mechanisms and detailed description thereof in the transaction documents allowed to achieve historically low subordination and maximised the size of the senior tranche publicly placed among institutional investors. The bonds were rated AAA by ACRA, which is seven notches higher than the originator.
- Advising Bank Vozrozhdenie in connection with securitisation of its RUB 4.8 billion mortgage portfolio. The issued bonds were placed with market investors at the fixed rate of 9.25% pa. The bonds were rated Baa3 by Moody's, which is 4 notches higher than the originator. This is the fifth mortgage securitisation transaction for the bank.
- Advising Moscow Credit Bank in connection with securitisation of its RUB 4.1 billion mortgage portfolio. The issued bonds were placed with market investors at the fixed rate of 10.15% pa. The bonds were rated Baa3 by Moody's, which is 4 notches higher than the originator. This is the second mortgage securitisation transaction for the bank.
- Advising the Borrower, Joint Stock Company Koks, in connection with an offering of USD 500 million 7.5% LPNs due in 2022 pursuant to Regulation S and Rule 144A.
- Advised the dealer, UBS Limited, on an update of the Alfa-Bank's USD 5 billion EMTN programme and two issues of USD 400 million and USD 300 million 8% subordinated perpetual NC5.25 LPNs. This is the first Basel III-based Tier-1 compliant perpetual LPN offering under amended Regulation 395-P on the Russian market. The transaction features write down provisions in compliance with Regulation 395-P and interest cancellation in compliance with Regulation 395-P.
- Equity Capital Markets Advising Public Joint Stock Company 'Global Truck Management' in connection with its initial public offering of ordinary shares under Rule 144A and Regulation S. The total offering amounted to RUB 3.85 billion, assuming full exercise of the over-allotment option. The offering implied the market capitalization of the company's post-offering of RUB 7.72 billion.
- Advising Rosagro Group in relation to subsequent public offering of USD 250 million global depositary receipts listed on the London Stock Exchange under Rule 144A and Regulation S representing newly issued shares of the Cyprus holding company. JP Morgan Securities plc, UBS Limited and VTB Capital plc acted as joint lead managers. This transaction is the first offering of global depositary receipts representing shares of an issuer with the main place of business in Russia in the past two years.
- Advising private investment company AB Aterra Resources Ltd. in connection with shareholder financing for the amount of approximately USD 55 million provided together with other shareholder to Silver Bear Resources Inc and its subsidiary ZAO 'Prognoz' for purposes of refinancing of existing indebtedness and financing of construction and commissioning of Mangazeisky silver project in Yakutia. The transaction involved comprehensive security package under Canadian and Russian law.
- Advising a major Hungarian bank in connection with USD 22.7 million refinancing loan for a mall operator in one of the major Russian cities and an extensive package of security documents, including mortgage, pledge of shares, pledge of receivables under lease agreements, pledge of accounts and direct debit agreement under Russian law.
- All-Russian Academy of Foreign Trade (Interpreting) (2015)
- All-Russian Academy of Foreign Trade (Law) (2015)
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