Far-Eastern Shipping Company PLC (FESCO) - on tap issuance of USD 75 mln dual-tranche senior secured notes
Client: Far-Eastern Shipping Company PLC (FESCO), Russian integrated logistics, rail, and port operator
Vasil Kisil & Partners acted as the Ukrainian legal counsel to FESCO – a Russian integrated logistics, rail, and port operator Far-Eastern Shipping Company PLC –on tap issue of USD 75 million senior secured notes by Far East Capital Limited S.A., indirect wholly owned Luxembourg subsidiary of FESCO. The notes were placed in two tranches: USD 50 million notes due 2018 were priced at a yield of 8.00%, and USD 25 million notes due 2020 were priced at a yield of 8.75%. The notes are guaranteed on a senior secured basis by certain subsidiaries and parent companies of FESCO. Net proceeds will be used to repay outstanding debt of the Group and debt incurred in connection with the acquisition of FESCO in December 2012. The offering was made pursuant to Rule 144A and Regulation S.
Cleary Gottlieb Steen & Hamilton acted as English, US and Russian legal advisor to FESCO, and Allen & Overy acted as English, US and Russian legal advisor to the Joint Bookrunners and the Trustee.