Ardshinbank in Inaugural Bond Offering

December 9, 2014

Cleary Gottlieb represented the Armenian bank Ardshinbank in its inaugural, $75 million offering of senior amortizing notes due 2017. The offering was conducted as a private placement of loan participation notes outside the United States in reliance on Regulation S. J.P. Morgan acted as sole lead manager of the offering. Ardshinbank plans to use the proceeds from the offering to support the expansion of its branch network in Armenia. The transaction closed on December 9.

Founded in 2002, Ardshinbank is currently the third largest bank in the Republic of Armenia (as measured by assets), offering banking services to both corporate and retail clients through its network of 55 branches located throughout Armenia. The transaction is a significant milestone, as it represents the first international bond offering by an Armenian corporate entity. It follows the Republic of Armenia’s successful debut international bond issuance in September 2013, which was designed in part to set a benchmark for subsequent corporate offerings. Cleary Gottlieb represented the Ministry of Finance of Armenia in that transaction.