Cleary Gottlieb represented The Federal Grid Company of Russia on a RUB 5 billion floating rate facility, its first international borrowing, provided by the European Bank for Reconstruction and Development (EBRD). The agreement, which was signed in London and in Moscow, is a landmark transaction for the EBRD as well, as it represents the first floating-rate loan made by the Bank denominated in rubles.
The Federal Grid Company of Russia is a state-controlled enterprise that operates the power grid system for the entire Russian Federation.