Richard Pogrel | White & Case LLP International Law Firm, Global Law Practice
Richard Pogrel
Richard Pogrel

Richard Pogrel

Partner, London

T +44 20 7532 1455

E rpogrel@whitecase.com

An experienced international capital markets and finance lawyer specialising in debt offerings, equity-linked securities and corporate and bank restructurings. Richard is known for his technical expertise and ability to implement complex cross-border transactions.

Overview

Richard has more than 15 years' experience acting on cross-border debt offerings, equity-linked securities and complex corporate and bank restructurings.

He has in-depth knowledge across the full spectrum of international capital markets and financing arrangements, and particular experience structuring convertible and exchangeable bonds. Richard's practice also involves him advising clients on options for the rescheduling of debts or insolvent restructuring, and in recent years he has acted on a number of successful cross-border restructurings recognised for their innovative solutions.

Richard's client portfolio includes managers, issuers and investors, including sovereigns, supranational organisations, banks, investment and credit funds and multinational corporations, in developed markets and in emerging markets.

Bars and Courts

  • England and Wales

Education

  • College of Law, York
  • LLB, University of East Anglia

Languages

  • English

Experience

Kaupthing restructuring

Richard led a cross-border team advising Kaupthing, the failed Icelandic bank, on its restructuring, following its US$45 billion insolvency. Kaupthing's insolvency was the biggest and most high profile casualty of the Icelandic banking crisis and, globally, was the fifth largest corporate bankruptcy of all time. The successful restructuring was named "Cross Border Restructuring of the Year" at the Turnaround Atlas Awards and "Restructuring deal of the year" at the IFLR European Awards 2016, and helped the White & Case team to be named by IFLR as 2016 "Restructuring Team of the Year".

Telecom Italia €2 billion equity-linked bonds

Richard represented BNP Paribas and JP Morgan, as joint global coordinators and joint bookrunners, and Barclays, Citi, Credit Suisse and UniCredit as joint bookrunners, in the placement of €2 billion equity-linked bonds due 2022 issued by Telecom Italia S.p.A.

African Bank Limited c.US$3.8 billion restructuring

Richard represented the senior creditor committee of African Bank Limited, South Africa's sixth largest lender, on its financial restructuring through a curatorship. This is the first banking crisis resolution process to be undertaken in South Africa in 12 years and the first such process to be modelled on EU and UK bank resolution "best practice" frameworks emerging from the 2008 financial crisis.

Svenska Handelsbanken US$1.2 billion AT1 notes offering

Richard represented Svenska Handelsbanken on the update of its US$50 billion EMTN programme and its issue of US$1.2 billion CRR-compliant write-down notes (AT1).

Aveng Ltd. convertible bond offering

Richard advised Barclays and JP Morgan as bookrunners on the issue of ZAR 2 billion convertible bonds of Aveng Ltd., a leading South African infrastructure development consortium.

KP1 refinancing

Richard advised GSO Capital Partners, the credit arm of The Blackstone Group, on the €215 million refinancing of the indebtedness of KP1, a leading French manufacturer of high performance prefabricated concrete products.

Solidium Oy exchangeable bonds

Richard advised Solidium Oy, the Finnish State's holding company for its shareholdings in Finnish and Nordic publicly traded companies, on the offering of €450 million zero coupon bonds exchangeable into series A shares of Sampo. This transaction was the first ever offering of a bond exchangeable into shares in a Finnish company.

New World Resources group (NWR) restructuring

Richard advised NWR, the central European hard coal producer, on the successful restructuring of its balance sheet via a UK scheme of arrangement and a rights issue, and on a related issue of new senior secured notes, mandatory convertible notes and contingent value rights listed on the Luxembourg MTF. He worked as part of a cross-border, multi-disciplinary team which managed a complex restructuring process involving multiple financial and non-financial stakeholders, to allow NWR to focus on its operational turnaround. This transaction won "2014 Industrial Goods and Basic Resources Deal of the Year" at M&A Advisor's Turnaround Awards.

KazMunayGas US$3 billion offering

Richard advised Barclays, BofA Merrill Lynch, Halyk Finance and Visor Capital as arrangers and lead managers on the US$10.5 billion GMTN Programme update and dual-tranche Rule 144A and Regulation S issue of US$3 billion notes (listed on the London and Kazahkstan Stock Exchanges) by KazMunayGas, the state-owned oil and gas company of Kazakhstan.

Qatar Holding LLC investment

Richard advised Qatar Holding LLC, the strategic investment arm of the Qatar Investment Authority, on its investment in VTB Bank.

Senegal exchange offer and benchmark bond offering

Richard advised The Republic of Senegal on its US$500 million inaugural issue of Rule 144A and Regulation S notes and related US$200 million exchange offer and consent solicitation.

Speaking Engagements

"Documenting International Bond and Debt Issues" and "Restructuring in Emerging Markets", Euromoney, teaching to industry professionals in seminars, (guest speaker)

"Investing in Ukraine – Debt Capital Markets Financing for Ukrainian Companies", Ukraine Business Week Conference, (presenter)

Publications

  • Schemes of Arrangement in Corporate Restructuring, Sweet & Maxwell, 2013, (contributor)
  • Sovereign Wealth Funds – The Rapidly Evolving Landscape, PLC, January/February 2009, (co-author)
  • The European Debt Capital Markets – An Introduction, PLC feature article, August 2005, (co-author)