Darina Lozovsky | White & Case LLP International Law Firm, Global Law Practice
Darina Lozovsky
Darina Lozovsky

Darina Lozovsky

Partner, Moscow, London

T +7 495 645 4928 (Moscow)

T +44 20 7532 1461 (London)

E dlozovsky@whitecase.com

“Not only is she a strong lawyer who is very good at detail, she is also a great relationship manager.”

Chambers Global 2014

Overview

Darina is the head of our Capital Markets practice in Russia and divides her time between the Moscow and London offices.

Clients value her knowledge and insight into matters relating to international capital markets and securities transactions. She regularly represents issuers, underwriters and placement agents in a variety of Rule 144A/Regulation S equity and debt offerings.

In its latest edition, The Legal 500 notes that Darina is "very proactive, supportive and client-focused" and "easy to work with and very responsive". She is described in Chambers Global 2015 as "very proactive and enthusiastic", and in the 2014 edition as "a strong lawyer who is very good at detail" and "a great relationship manager".

Prior to joining White & Case, Darina was a member of the capital markets group at a magic circle firm in Moscow. She has also been a member of the capital markets group at a leading law firm in New York, where she represented underwriters and issuers in transactions involving commercial mortgage-backed securities.

Bars and Courts

  • New York State Bar

Education

  • JD, New York University School of Law
  • BA, University of the Pacific

Languages

  • Russian
  • English

Experience

Equity Capital Markets:
Ruspetro restructuring, 2014

Darina advised Ruspetro plc in connection with its restructuring by means of a £33 million placement and open offer, and a £117 million debt for equity swap. Ruspetro owns oil & gas assets in Russia and has a premium listing in London.

US$469 million follow-on offering, 2014

Darina advised the joint global coordinators and joint bookrunners in connection with the US$469 million follow-on offering by the Central Bank of Russia of shares in the charter capital of Moscow Exchange. Earlier in 2013, she represented the joint global coordinators and joint bookrunners in the RUB 15 billion (US$500 million) offering of shares in the charter capital of Moscow Exchange, listed on the Moscow Exchange. At that time, this was the largest initial domestic share offering in Russia and the largest securities exchange IPO.

US$319 million follow-on offering, 2014

Darina acted as adviser to the underwriters in the US$319 million follow-on offering of Class B Shares of QIWI, in the form of American Depositary Shares (ADS). Earlier in October 2013, she represented the underwriters in a US$287 million follow-on offering of Class B Shares of QIWI in the form of American Depositary Shares (ADS). In May 2013, she also represented the underwriters in the US$210 million initial public offering of Class B Shares in the form of American Depositary Shares (ADS) of QIWI on the NASDAQ Global Select Market.

US$950 million initial public offering, 2014

Darina advised VTB private equity investment vehicle as a selling shareholder, in connection with the US$950 million initial public offering of global depositary receipts (GDRs) of Lenta, one of the largest retail chains in Russia. The GDRs have been admitted to trading on the London Stock Exchange and Moscow Exchange.

US$1.3 billion share offering, 2013

Darina advised the joint bookrunners in connection with the US$1.3 billion offering of shares of ALROSA on the MICEX Stock Exchange. The deal is Russia’s largest privatization transaction since 2006, and the largest ever public offering of local shares in Russia.

US$275 million secondary offering, 2013

Darina acted as adviser to Joint global coordinators and joint bookrunners (CJSC Sberbank CIB (together with CIB (Cyprus) Limited) and VTB Capital plc) in the US$275 million secondary public offering (through an accelerated bookbuilding) of shares of PIK Group, one of Russia’s leading residential real estate developers.

US$95 million secondary offering, 2013

Darina acted as adviser to Luxoft Holding as issuer, and to VTB Capital as selling shareholder, in a US$95 million secondary offering by VTB Capital of Class A ordinary shares on the New York Stock Exchange. She previously represented Luxoft Holding in its US$70 million IPO of Class A ordinary shares on the New York Stock Exchange. Luxoft Holding is a leading provider of software development services and innovative IP solutions to a global client base, consisting primarily of large multinational corporations.

US$1.7 billion initial public offering of shares and GDRs, 2012

Darina acted for Sonera Holding B.V., a subsidiary of TeliaSonera AB (a leading network access and telecommunications provider operating in the Nordic and Baltic countries and Eurasia) as Selling Shareholder in the initial public offering of shares and GDRs of MegaFon, raising US$1.7 billion.

US$311 million initial public offering, 2012

Darina advised MD Medical Group Investments Plc, Russia’s leading provider of private women’s and children’s healthcare, on its US$311 million initial public offering (IPO) of global depositary receipts (GDRs) and admission of the GDRs to the Official List of the London Stock Exchange (LSE).

US$250 initial public offering, 2012

Darina acted for RusPetro plc, a UK oil production company with assets in western Siberia, on its US$250 million IPO on the premium segment of the London Stock Exchange.

Initial public offering of shares of Promsvyazbank and DGRs (postponed in October 2012)

Darina acted for joint global coordinators and joint bookrunners (HSBC Bank plc, J.P. Morgan Securities plc and Renaissance Securities (Cyprus) Limited) on the initial public offering of shares of Promsvyazbank on the Moscow Exchange and DGRs on the London Stock Exchange.

Debt Capital Markets:
Drawdowns under US$10 billion euro medium-term note programme, 2011 – 2014

Darina acted for Gazprombank, the third-largest bank in the Russian Federation, on an update and several drawdowns, under its US$10 billion euro medium-term note (EMTN) programme.

US$500 million loan participation notes, 2013

Darina represented The Royal Bank of Scotland plc, HSBC Bank plc and Raiffeisen Bank International AG as joint lead managers (HSBC Bank plc also as sole structuring adviser) in the offering on the international capital markets of US$500 million loan participation notes due 2018, issued by - but with limited recourse to - CBOM Finance plc, for the sole purpose of funding a subordinated loan to Credit Bank
of Moscow.

US$750 million loan participation notes, 2012

Darina represented EuroChem on its Reg S/144A offering of US$750 million loan participation notes (LPNs) due 2017. The notes were issued by EuroChem Global Investments Limited, for the sole purpose of making a loan to EuroChem.

US$500 million LPN for TMK, 2011

Darina acted for TMK, Russia’s largest manufacturer and exporter of steel pipes, on its 144A/Regulation S offering of US$500 million loan participation notes.

US$550 million LPNs for Credit Europe Bank, 2010-2012

Darina acted for Credit Europe Bank, as borrower of US$550 million LPNs issued by CEB Capita.

Awards & Recognition

Leading Lawyer, Chambers Global 2015

Capital Markets – Russia

Recommended Lawyer, The Legal 500 EMEA 2014

Capital Markets - Russia