Elena Dzhurova is an associate in the Capital Markets practice.

She advises investment banks, leading private equity firms and corporates on U.S. federal and European securities laws and corporate governance in connection with complex corporate financings. She focuses on international debt and equity capital market transactions including high yield debt offerings and leveraged finance, investment grade debt, project bonds, initial public offerings and international rights offerings, as well as on tender offers and liability management transactions. She also has experience in direct lending financings.

Debt Capital Markets and Credit Transactions

• J.P. Morgan Securities, BNP Paribas, Credit Suisse, Deutsche Bank, Goldman Sachs and Scotia Capital as initial purchasers in connection with Liberty Cablevision of Puerto Rico’s $1.2 billion offering of 6.750% senior secured notes due 2027 by LCPR Senior Secured Financing Designated Activity Company in connection with the proposed acquisition of AT&T Inc.’s wireless and wireline operations in Puerto Rico and the U.S. Virgin Islands.
• Citigroup Global Markets, BNP Paribas, Credit Suisse, Goldman Sachs International, J.P. Morgan Securities, RBC Capital Markets and Scotia Capital as initial purchasers in connection with Cable and Wireless’s offerings of: $220 million of 6.875% senior notes due 2027 in July 2019; $400 million of 5.750% senior secured notes in April 2019; $300 million offering of 6.875% senior notes in April 2019; and $500 million offering of 7.500% senior notes in October 2018.
• AlbaCore Capital Group, a European credit manager, in connection with TDR Capital's recommended cash offer of £1.9 billion for BCA Market Place, the owner of WeBuyAnyCar.com. AlbaCore invested in BCA Market Place alongside TDR Capital through the issuance of preferred equity instruments.
• Salt, a subsidiary of Matterhorn Telecom S.A. and Matterhorn Telecom Holding S.A., in connection with the offerings of: CHF 687 million (equivalent) aggregate principal amount of floating rate senior secured notes and the concurrent consent solicitation for certain amendments to the existing indentures in March 2017; and CHF 2,016.5 million (equivalent) aggregate principal amount of senior secured notes in April 2015.
• The holding companies owned by Xavier Niel, founder and main shareholder of Iliad (Free), on the structuring and financing of the acquisition of Orange Communications SA (Orange Switzerland) from funds managed by Apax Partners for an enterprise value of 2.8 billion Swiss francs.
• Jaguar Land Rover in connection with the offerings of: $500 million of 4.500% senior notes in September 2017; €650 million of 2.200% senior notes in January 2017 (most competitive coupon rate Jaguar Land Rover has obtained to date); £300 million of 2.750% senior notes in January 2017; $500 million of 3.500% senior notes in March 2015; and £400 million of 3.875% senior notes in February 2015. Represented Jaguar Land Rover in connection with the solicitation of consents from holders of its $500 million, 5.625% notes due 2023; $700 million, 4.125% notes due 2018; and £400 million, 5.000% notes due 2022 to certain key amendments to the indentures governing those notes.
• Frigoglass S.A.I.C. in connection with its debt restructuring, including the implementation of a scheme of arrangement under the Companies Act 2006 proposed by its subsidiary, Frigoglass Finance B.V. The Scheme related to the restructuring of €250 million 8.25 percent senior notes due 2018 issued by Frigoglass Finance B.V. (The deal was “Highly Commended” at the Legal Business Awards 2018 for Restructuring Team of the Year, “Honored” for “Corporate Turnaround” at the 10th Annual Turnaround Atlas Awards and Restructuring Forum 2018, and “Commended” in the category “Managing Complexity & Scale” in the Financial Times Innovative Lawyers Europe 2018 Awards.)
• Finance providers on Loxam S.A.S.'s committed financing in connection with the high yield notes offering for its public cash tender offer to purchase all of the issued and outstanding shares of Ramirent plc, a public limited company listed on the Helsinki Stock Exchange.
• Goldman Sachs, BNP Paribas, Deutsche Bank, Banca Akros S.p.A. Gruppo Banco BPM, Banca IMI and Raiffeisen Bank International as initial purchasers in connection with KME AG’s €300 million offering of 6¾% senior secured notes.
• The syndicate of banks led by Citigroup and HSBC, as joint global coordinators and joint bookrunners, and DBS Bank, First Abu Dhabi Bank and SMBC Nikko Capital Markets, as joint bookrunners, in connection with Emirates Sembcorp Water & Power Company’s offering of $400 million 4.450% senior secured bonds.
• Silversea Cruise Holding Ltd. in connection with the offering of $550 million aggregate principal amount of 7.250% senior secured notes and $70 million aggregate principal amount of 7.250% senior secured notes.
• Credit Suisse, Société Générale, BNP Paribas, Crédit Agricole, ING, UniCredit and CaixaBank as initial purchasers in connection with Masaria Investments’ €600 million high yield bond offering.
• Credit Suisse, Deutsche Bank and Rabobank as initial purchasers in connection with Klöckner Pentaplast Group’s offering of €395 million of 8.500%/9.250% PIK-Toggle notes.
• Goldman Sachs International and Barclays in connection with Travelodge’s, an affiliate of Travelodge Hotels, offering of £165 million senior secured floating rate notes.
• Merrill Lynch International, DNB Markets, Lloyds Bank, Société Générale, Barclays, BNP Paribas, Citigroup, Credit Industriel et Commercial, Credit Suisse, KBC, Morgan Stanley, RBS and UniCredit as initial purchasers in connection with Thomas Cook’s offering of €750 million of 6.250% senior notes.
• J.P. Morgan, BNP Paribas, Credit Suisse, Deutsche Bank and Oddo as initial purchasers in connection with Autodis S.A.’s offering of €520 million senior secured notes.
• Lecta S.A., a CVC portfolio company, in connection with the offering of €600 million senior secured notes.
• ENCE Energía y Celulosa in connection with the offering of €250 million of 5.375% senior notes.
• Deutsche Bank AG, London Branch, Goldman Sachs International and UBS as initial purchasers in connection with Auris Luxembourg II S.A.’s offering of €275 million 8.000% senior notes as part of the financing for the acquisition of Siemens Audiologische Technik GmbH.
• J.P. Morgan Securities plc as the initial purchaser in connection with the offering by HP Pelzer Holding GmbH of €50,000,000 7.500% senior secured notes.
• Various arrangers on committed financings for acquisitions by Apax and Carlyle.

Equity Capital Markets

• Morgan Stanley, SEB and Carnegie in connection with €876 million initial public offering (including the over-allotment option) and Nasdaq Helsinki listing of Terveystalo Oyj in October 2017. The offering comprised a sale of shares by private equity fund EQT. The transaction was the largest initial public offering in Finland since 1998, the largest ever private equity exit in Finland and the largest IPO in the Nordics up to 2017.
• Goldman Sachs International, J.P. Morgan Securities plc, ABG Sundal Collier AB, Citigroup Global Markets Limited, Deutsche Bank AG, London Branch, Kempen & Co N.V., Danske Bank A/S, Danmark, Sverige Filial and Nordea Bank Abp, filial i Sverige in connection with Samhällsbyggnadsbolaget i Norden AB (publ)’s capital increase by way of a rights issue in connection with its acquisition of Hemfosa Fastigheter AB (publ).
• The underwriters in connection with the proposed IPO and London Stock Exchange premium listing of a virtual effects company.
• Eurobank Ergasias S.A. in connection with its recapitalization in November 2015 to cover the €2.04 billion capital shortfall identified by the comprehensive assessment conducted by the European Central Bank in the context of the third economic adjustment program agreed between Greece and the European Commission.
• The underwriters in connection with a contemplated initial public offering and listing of a financial institution.
• Citycon Oyj in connection with its €600 million rights issue.

Investment Grade Debt

• STMicroelectronics in connection with its $1.5 billion offering of senior unsecured convertible bonds and the early redemption of its outstanding $750 million zero coupon convertible bonds.
• Deutsche Bank AG, London Branch, Deutsche Bank Aktiengesellschaft, HSBC Bank plc, J.P. Morgan Securities plc and Morgan Stanley & Co. International plc in connection with Reckitt Benckiser’s €1.7 billion and £500 million senior notes offerings.
• The underwriters in connection with NatWest Group plc’s registered debt offerings of: 850 million fixed-to-fixed reset rate subordinated tier 2 notes due 2035 in September 2020; $2.0 billion 4.269% fixed-rate/floating-rate senior notes in March 2019; $1.75 billion 5.079% fixed-rate/floating-rate senior notes in September 2018; $1.25 billion 4.519% fixed-rate/floating-rate senior notes and $750 million floating rate senior notes in June 2018; $1.50 billion 4.892% fixed-rate/floating-rate senior notes in May 2018; $1.5 billion 3.498% fixed-rate/floating-rate senior notes and $1.5 billion floating-rate senior notes in May 2017; $2.65 billion 3.875% senior notes in September 2016; $2.65 billion aggregate principal amount of 8.625% perpetual subordinated contingent convertible additional tier 1 capital notes in August 2016; and $1.5 billion 4.800% senior notes in April 2016.The underwriters in connection with NatWest Group plc’s $1.97 billion cash tender offers of four series of its outstanding U.S. dollar denominated notes in September 2020.
• Coca-Cola European Partners plc in connection with the offering of €350 million guaranteed notes in November 2017.
• BofA Merrill Lynch, Credit Suisse, Santander and Wells Fargo Securities in connection with Banco Santander S.A.’s offering of $2.5 billion registered debt offering in April 2017 through three tranches of notes: $1 billion 3.500% second ranking senior debt securities; $1 billion 4.250% second ranking senior debt securities; and $500 million second ranking senior floating rate debt securities.
• Citycon Oyj in connection with the offering of its inaugural €350 million green hybrid bond and concurrent tender offer.
• Citycon Oyj in connection with the offering of €200 million of 2.500% guaranteed notes in June 2020, €300 million of 2.375% guaranteed notes in September 2016 and €350 million of 1.250% guaranteed notes.
• NatWest Markets Securities and J.P. Morgan in connection with NatWest Markets plc’s establishment of a $10 billion U.S. medium-term note program and inaugural offering of $1 billion of 3.625% senior notes and $300 million of floating rate senior notes in April 2019. This was NatWest Markets plc’s first offering in the U.S. markets.
• Citycon Oyj in connection with its establishment of €1.5 billion Euro medium-term note program and the offerings of: €350 million of 2.375% guaranteed notes and the concurrent tender offer for up to €300 million of its outstanding notes in September 2018; and NOK 1.0 billion of 2.750% of guaranteed notes in September 2017.

Publications

• Co-author of the "CEELM Comparative Legal Guide: Capital Markets in United Kingdom", CEE Legal, April 15, 2020