UK: Mayer, Brown, Rowe & Maw LLP Closes $350 million 10 year Eurobond for Kazkommerts International B.V.
Last Updated: 7 May 2003

Drew Salvest, Capital Markets partner at Mayer, Brown, Rowe & Maw LLP, represented the issuer and Kazkommertsbank (Kazakhstan's largest bank) in a 10 year Rule 144a/Regulation S offering of 8.5% notes due 2013 for Kazkommerts International B.V. which was guaranteed by JSC Kazkommertsbank. White & Case represented JP Morgan and CSFB.

Kazkommertsbank have been a client of the practice for 5 years.

The bond is a result of a roadshow at the beginning of March with Kazkommertsbank announcing its plans to raise $750 million in 2003-2004 through syndicated loans and eurobonds. In the last month, the bank received upgrades by International rating agencies, Fitch and Standard & Poor's to "BB" from "BB-" and "BB-" B+" respectively.

The 10 year maturity of the transaction is particularly significant for an emerging market private issuer.

Drew also represented Merrill Lynch in a $75,000,000 Rule 144A/Regulation S offering of Fixed/Floating rate Non-Cumulative Perpetual Step-Up Capital Contribution Securities for Sparebanken Rogaland (SR Bank). The transaction was principally noteworthy as the structure of the capital contributions security allowed it to qualify as Tier 1 capital for bank regulatory purposes in Norway. However for tax purposes it is considered debt, the payments on the securities are therefore, tax deductible.

Drew Salvest commented: "Both transactions demonstrate the broadening capabilities of the finance group at Mayer, Brown, Rowe & Maw LLP and in particular the strength and depth within international debt capital markets".

For further information, please contact:

Drew Salvest, Partner Mayer, Brown, Rowe & Maw: 020 7246 6255
Angela Woodruff, PR Manager, Mayer, Brown, Rowe & Maw 020 7782 8804

About Mayer, Brown, Rowe & Maw

  • Mayer, Brown, Rowe & Maw has 13 offices worldwide, including representations in the world's major financial centres; London, Paris, Frankfurt and New York.
  • Our London office consists of 90 partners, over 300 lawyers and a total staff of almost 600. With our network of international offices and over 1300 lawyers worldwide, we can advise on a wide range of complex transactions. For further details please visit our website at www.mayerbrownrowe.com

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