Orrick Advises Telenor on the Sale of a Portion of its Stake in VimpelCom

September.22.2016

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.

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Sushila Nayak Partner, Structured Finance, Asset‐Backed Securities

London; New York

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D:+44 20 7862 4616
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Practice:

Finance Sector
Structured Finance
Asset‐Backed Securities
Derivatives

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Sushila Nayak Partner

London; New York

She has a broad range of experience in debt financing transactions, including structured credit and corporate finance. She represents issuers, arrangers and collateral managers in connection with the issuance and restructuring of various structured finance products, derivatives transactions and debt issuances in Europe and the United States.

Sushila also provides counsel to technology and other companies on trade finance matters, including receivables financing arrangements, vendor financing, and supply chain financing.

Active in pro bono work, she leads the London office’s pro bono efforts.

Engagements:

Sushila's experience includes advising:

Arrangers on European CLOs
Issuers, arrangers and investors in connection with the warehousing and securitisation of various assets, including receivables, tax credits and loans
Issuers, arrangers and investors on compliance with European risk retention requirements
Borrowers and lenders on corporate bonds and private debt and bank lending transactions
Corporates and lenders on supply chain, customer finance and receivables financing arrangements

Sushila's recent engagements include:

Representing Morgan Stanley as arranger of the North Westerly V European CLO transaction
Representing Enel Finance International N.V. and Enel S.p.A. in connection with the issuance of a $4 billion U.S. dollar sustainability linked bond
Representing the purchaser in a cross-border private securitisation of diamond receivables
Representing Millicom International Cellular S.A. on a $1.65 billion bridge loan
Representing Millicom International Cellular S.A. in connection with its issuance of a $500 million bond issued under Rule 144A/Regulation S, and its $600 million tender and redemption of existing bonds