Global law firm Clifford Chance advised Telekom Srbija, a leading provider of telecommunications services in Serbia, Bosnia & Herzegovina and Montenegro, on its issuance of U.S.$900 million of notes. The transaction was Telekom Srbija’s debut international capital markets offering and makes it the first Serbia-headquartered company to issue bonds to international investors.

Clifford Chance is a regular adviser to Telekom Srbija, having advised on a number of transactions, including the auction and sale of its telecoms towers business in Southeastern Europe. The proceeds of the bond offering will be used for the repayment of Telekom Srbija’s existing indebtedness, including loans from foreign and domestic lenders and loan installments from its suppliers.

The Clifford Chance team was led by capital markets partners Drew Rundus and Paul Deakins in London with support from Brussels-based partner Anastasios Tomtsis, and included a London-based team made up of senior associates Sannu Shrestha, Sarah Cheng and Phil Houten and associates Geoffrey Adonu, Aritra Saha and Caroline Smyth. London derivatives partner Anne Drakeford and senior associate Brij Patel advised Telekom Srbija on cross-currency swap arrangements in connection with the transaction. Gecić Law advised the company on matters of Serbian law.

Drew Rundus commented: “It is always a privilege to advise companies on their first international capital markets transaction, but especially so in this case where Telekom Srbija not only introduced itself to the market, but also introduced many global corporate bond investors to the Republic of Serbia and the growing telecommunications market in the Western Balkans for the first time.“

Paul Deakins added: “Congratulations to the Telekom Srbija team on this milestone transaction and becoming the first Serbian corporate bond issuer. We were delighted to support the company on this transformational financing.“