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European Bank for Reconstruction and Development (“EBRD”) and DEG - Deutsche Investitions- und Entwicklungsgesellschaft mbH (“DEG”) - refinancing of Tyazhpromarmatura JSC

In the autumn of 2014 we advised EBRD and DEG, the largest European development institutions, in connection with the refinancing of facilities provided to Tyazhpromarmatura JSC (“Oil & Gas Systems”), Russia’s largest machinery producer, and its leading manufacturer of pipeline valves. EBRD initially provided financing of €123 million in February 2014 and we acted in connection with the introduction of DEG into the lender group and an increase in the facilities to a total of €265 million.