Cleary Gottlieb represented Sistema JSFC in a $500 million Regulation S/Rule 144A offering of 6.95% senior secure loan participation notes due 2019, issued by Sistema International Funding for the sole purpose of making a loan to Sistema JSFC. The transaction closed on May 18.
Sistema JSFC is the largest publicly-traded diversified holding company in Russia and the CIS in terms of market capitalization, managing companies that collectively serve over 100 million customers in a variety of sectors, including telecommunications, oil, utilities, consumer, high tech and others. Sistema JSFC conducted a standard listing of its Global Depositary Receipts on the London Stock Exchange in February 2005 and its ordinary shares are listed on MICEX-RTS Stock Exchange and on the Moscow Stock Exchange. The notes are listed on the Irish Stock Exchange.
