OAO “Sovcomflot” in Debut $800 Million Bond Offering

Cleary Gottlieb represented Sovcomflot on its $800,000,000 debut Eurobond offering. The $800,000,000 5.375% notes due 2017 were issued by SCF Capital Limited and guaranteed by OAO “Sovcomflot”. The transaction closed on October 27.

Sovcomflot is the largest shipping company in Russia and wholly owned by the Russian Federation and, in 2009, was included on the Russian Federation’s list of strategic enterprises and organizations. Its core business is the worldwide seaborne transportation of crude oil and oil products for the world’s leading oil and gas companies and it specializes in the operation of ice-class vessels. The notes have been admitted to the Official List and to trading on the Main Market of the London Stock Exchange.