Cleary Gottlieb Counsel in Constellation of IFR Deals of the Year
December 22, 2006
Cleary Gottlieb was counsel in several of International Financing Review’s 2006 Deals of the Year. The awards were announced on December 17, 2006.
Cleary Gottlieb advised CVRD in its $18 billion loan financing in connection with CVRD’s successful $17.7 billion bid for Canada’s Inco, a transaction awarded Latin American Loan of the Year. IFR praised this deal for “being the largest emerging markets loan financing ever at the time, for being put together at record speed and for transforming the borrower into a global player.”
The firm’s representation of the Republic of Philippines in its dual currency bond issuance was awarded both Emerging Market Bond and Emerging Asia Bond of the Year. The $1.5 billion and €500 million bond offering was lauded by IFR for its “perfect timing, smart manipulation of market psychology, and [its] audacious decision making.”
Cleary Gottlieb advised Mastercard in its $2.6 billion IPO, which was recognized by IFR as U.S. IPO of the Year. IFR commended the transaction for “overcoming structural complexities and operational hurdles.”
The firm also represented Rosneft in its $10.7 billion IPO, the largest IPO ever in Russia, which was awarded the 2006 Central Eastern Europe, Middle East and Africa (CEEMEA) Equity Issue of the Year by IFR. The publication noted this transaction for “redefining the possibilities of an emerging market deal.”
And as was previously reported on December 21, 2006, Cleary Gottlieb represented Iraq in its $20 billion restructuring of commercial creditor debt, which was recognized as Global and Europe, Middle East and Africa (EMEA) Restructuring Deal of the Year. IFR praised the “speed and efficiency” with which the restructuring had been handled. At the end of the process, 96 percent of eligible creditors had received payouts and 11,776 smaller, individual Saddam-era claims, which had a total value of $19.7 billion, were cancelled.