Cleary Gottlieb represented Lenta in its all-primary $225 million public offering of GDRs dually-listed in London and Moscow, comprising 7.6% of Lenta’s share capital, conducted under Regulation S / Rule 144A. The transaction closed on March 27, 2015. This offering represents the strategic plan of Lenta to retire high-interest Rouble-denominated debt with its proceeds, and thereby free future cashflows for greater capital expenditure and store expansion in 2015. This was the first significant primary issuance by a Russian business since 2013. Cleary Gottlieb also represented Lenta in its all-secondary March 2014 IPO. Lenta is one of the largest retail chains in Russia and the country’s second largest hypermarket chain, operating 111 hypermarkets in 62 cities across Russia and 24 supermarkets in Moscow.