EBRD in $1.5 Billion Notes Offering

June 10, 2009

Cleary Gottlieb represented the European Bank for Reconstruction and Development (“EBRD”) in its SEC-registered offering of $1.5 billion 1.25% Global Notes due 2011. The transaction was a takedown from EBRD’s Global Medium Term Note program. The closing took place on June 10.

The Notes were listed on the London Stock Exchange’s Regulated Market. Daiwa, HSBC, Morgan Stanley and RBC acted as joint lead managers and Credit Suisse and Merrill Lynch acted as co-managers for the offering.

The EBRD was established in May 1991 pursuant to the Agreement Establishing the European Bank for Reconstruction and Development, which was signed by 40 countries. EBRD’s aim is to support the financing of projects in central Europe and central Asia, primarily in the private sector, that foster the transition to market economies and pluralistic democratic societies.