Orrick advised Norwegian mobile telecom company Telenor ASA (OSL: TEL) in its $500 million public offering in the United States of approximately 163.9 million of its VimpelCom Ltd. (NASDAQ: VIP) American Depository Shares (ADSs), as well as a Regulation S offering outside the United States to non-US persons of $1 billion of 0.25% bonds due 2019 that are exchangeable for VimpelCom ADSs. The offerings were completed on September 21, 2016, and the underwriters’ green shoe option exercise was completed on September 27, 2016. After giving effect to its sale of ADSs in the offering and the green shoe option, Telenor owns 23.7% of VimpelCom.
Morgan Stanley and J.P. Morgan acted as joint global coordinators and joint bookrunners, and Citigroup and Credit Suisse acted as joint bookrunners for the two offerings.The Orrick team advising Telenor was led by emerging markets partners Peter O'Driscoll and Nell Scott and included counsel Sushila Nayak and associates Daria von Mensenkampff, Susannah Nagle, Colton Carothers, Konstantin Kasyan, Daniela Ritter, Saira Henry, Filippo Cristaldi and Gregoire Jouffroy. Tax advice was provided by partners John Narducci and Ed Denny and associate James Larkin.