Asari Legal advises on a cross-border public debt offering by a foreign company

The bonds were issued by a special purpose vehicle, Lid Capital LLC, while Lidoil DMCC acted as the offeror. Thanks to the chosen structure, the issuance obtained an A-(RU) credit rating.

This was a complex cross-border project that required adapting a traditional public debt structure to the current counter-sanctions environment, interacting with a foreign regulator, and obtaining approvals from the sub-commission of the Government Commission.

Asari Legal’s team developed the legal structure of the transaction, prepared the irrevocable public offer, coordinated the work of foreign counsel, and supported the negotiation of transaction documentation and the completion of regulatory procedures.

The project was handled by Asari Legal’s Finance practice, including Dmitry Lisov and Valeria Dzyubanova, under the supervision of Partner Alexander Borgoyakov, together with the Regulatory practice, including Anton Sheronov and Dzhan Chelenk, under the supervision of Partner Nato Tskhakaya.

Alexander Geda, Head of Asari Legal’s Finance practice, commented:
“This transaction reflects several of the firm’s key strategic priorities: delivering integrated legal support, executing cross-border mandates, strengthening our capital markets capabilities, and advising clients in strategically important sectors such as energy and transportation.”