Global law firm White & Case LLP has advised RusPetro plc on its US$250 million initial public offering (IPO) and admission to the premium segment of the London Stock Exchange (LSE).
"This is the first premium listing IPO of 2012 on the London Stock Exchange, and one of a very few successful premium equity offerings in the last six months," said White & Case partner Allan Taylor. "The markets are still at a delicate point, but investors are prepared to support the right issuers with a compelling investment case, such as RusPetro."
RusPetro is an independent UK oil exploration and production company with assets in Western Siberia, Russia, producing approximately 5.000 barrels of oil per day. Proceeds from the IPO are expected to be used to develop existing operations (to double production in 2012 alone) and pay down debt. RusPetro has a majority independent board led by Christopher Clark, currently Chairman of Severstal, who will serve as independent non-executive Chairman, and is fully compliant with the UK Corporate Governance Code and the FTSE entry requirements.
Bank of America Merrill Lynch acted as the sole sponsor and global co-ordinator on the offering, with Bank of America Merrill Lynch, Mirabaud Securities and Renaissance Capital acting as joint bookrunners.
The RusPetro London team was led by partner Allan Taylor (Corporate), with support from associates Gordon Charlton (Capital Markets) and Eadaoin Moran (Corporate). In Moscow the team was led by partner Sven Krogius and local partner Darina Lozovsky (Capital Markets) who were supported by associates Amulang Povaeva, Ekaterina Kamkina and Ekaterina Palagina.
White & Case is extremely active in the independent listed oil and gas sector, having acted for LSE-listed Afren plc in relation to its 2011 acquisition of oil and gas assets in Kurdistan and related US$200 million secured loan facility and £113 million share placement, as well as its US$100 million acquisition of Black Marlin Energy in 2010. The Firm also acted for Merrill Lynch International, together with ING Bank N.V. and Mirabaud Securities LLP, on the 2009 IPO of LSE-listed Exillon Energy plc, whose assets are also located in Siberia and the follow-on equity issues by Exillon in 2010 and 2011. Additionally, the Firm acted for Hoare Govett Limited and Merrill Lynch International on the rights issue by Imperial Energy Corporation plc., a Russian oil and gas business, which raised approximately £306.7 million.
With an office in Moscow since 1991, White & Case is one of the largest international law firms in Russia, advising leading Russian and international companies on the most complex cross-border and national transactions in the market. The Firm was recently named Legal Adviser of the Year 2011 for Russia & CIS by the Financial Times and mergermarket.
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