Polina Lyadnova’s practice focuses on financial transactions, including debt capital markets and debt restructuring.

She has particular experience in cross-border transactions involving emerging markets.

Polina joined the firm in 2007 and became a partner in 2013. Prior to joining Cleary, she worked in the Moscow office of another international law firm, after which she was a corporate finance legal counsel at a large Russian metals and mining company.

Notable Experience

  • Liwet Holding AG in connection with a CHF 920 million margin loan entered into with a club consisting of major European banks.

  • Rosneft in its $55 billion acquisition of TNK-BP, Russia’s third-largest oil company, making Rosneft the world’s largest publicly traded oil and gas producer.

  • Cherkizovo Group in its 100 percent acquisition of Mosselprom, a leading poultry and pork company; and previously in both its initial and secondary public offerings.

  • FESCO on a comprehensive restructuring of their indebtedness under two series of listed U.S. dollar-denominated eurobonds, two series of rouble-denominated bonds, and certain bilateral facilities; and previously on funding its bond buyback through a structured derivative transaction, and with its private equity sponsors, in $875 million of high-yield notes offerings.

  • Tele2 in financial matters related to a joint venture with Altel combining the operations of the third- and fourth-largest mobile operators in Kazakhstan.

  • RenCap in various debt and restructuring matters.

  • Qatar Investment Authority in the €10.2 billion sale by Rosneftegaz of a 19.5 percent stake in Rosneft, Russia’s largest oil company.

  • UC Rusal in its $5.15 billion financial restructuring, involving amendments to its $4.75 billion and $400 million aluminum PXFs, including through schemes of arrangement in England and Jersey; and previously in its $4.75 billion aluminum PXF loan facility to refinance its debt owed to international lenders, a $4.5 billion syndicated loan for the acquisition of a stake in Norilsk Nickel, and the comprehensive financial restructuring of its debt of $16.8 billion, the largest-ever restructuring of a company with main operations in Russia and the CIS.

  • Lenta in a RUR 10 billion unsecured financing extended by Sberbank.

  • ERG in connection with a €180 million prepayment agreement facility entered into by JSC Kazakhstan Aluminium Smelter, a member of the ERG group, and VTB Group; and its $5.2 billion dual-track debt refinancing.

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Publications