International law firm Freshfields Bruckhaus Deringer LLP has advised OAO Severstal (“Severstal”) in connection with the update of its US$3billion loan participation note programme on the London Stock Exchange.

The issuance of Series 2 US$500 million 6.25% loan participation notes due 2016 under the programme, was admitted today to the Official List of the UK Listing Authority and to trading on the London Stock Exchange’s main market for listed securities. Proceeds from this issuance are being used to refinance Severstal’s indebtedness under its domestic bonds in the total amount of RUR 15 billion due in September 2011, and for other general corporate purposes. 

The Freshfields team advising on the deal included members from the firm’s London and Moscow offices, and was led by London corporate partner Don Guiney. The London team also included finance partner Peter Allen and corporate associate Brent Sanders. The Moscow team was led by senior finance associate Pavel Koutovoi, together with finance associates Ivan Semenkin and Kirill Nikiforov. 

Severstal is one of the world’s leading integrated steel and mining companies, with assets in Russia, Ukraine, Kazakhstan, the USA and Africa. The Company’s shares are traded on the Russian Trading System (CHMF), MICEX (CHMF, RTS) and LSE (SVST).