FESCO in $800 Million High Yield Offering and Subsequent $75 Million Re-opening

Cleary Gottlieb represented Far Eastern Shipping Company (FESCO) and its private-equity sponsors, Summa Group and TPG, in a $800 million offering of two tranches of Senior Secured Notes ($500 million of 8.00% Notes due 2018 and $300 million of 8.75% Notes due 2020). Cleary Gottlieb subsequently represented FESCO, Summa Group and TPG in a $75 million re-opening of its two tranches of Senior Secured Notes ($50 million of 8.00% Notes due 2018 and $25 million of 8.75% Notes due 2020). The offering closed on May 2 and the re-opening closed on May 21. The transactions were managed by Goldman Sachs International, ING Bank N.V. London Branch and Raiffeisen Bank International AG as initial purchasers.

FESCO is one of the leading independent transportation and logistics companies in Russia with operations in the ports, rail, integrated logistics and shipping businesses.