19 March 2012 - Gide Loyrette Nouel wins an award in the "Deal of the Year" category for the pre-export financing to JSC Acron arranged by VTB Bank:

Trade Finance magazine has named a transaction on which Gide Loyrette Nouel Moscow advised, the USD 175 million pre-export financing to JSC Acron (a leading global mineral fertiliser producer), arranged by VTB Bank (Austria) AG, "Deal of the Year 2011".

This transaction was a classic pre-export financing but had a peculiar security and coverage ratio structure, one unusual aspect being that the coverage ratio was set with respect to the ultimate sales contracts whereas a typical pre-export finance structure will set the coverage ratios with respect to what is being assigned.

Grigory Marinichev, the partner in charge of Gide’s Russian finance practice who led the team advising VTB on this financing, commented: "It is an added bonus for us to advise on pioneering deals which subsequently win esteemed awards in the industry."