White & Case advised issuer OAO TMK on the $412.5m (£262.3m) bond issue, while Linklaters acted for lead managers Morgan Stanley, UBS and VTB Capital.
London capital markets partner Sven Krogius led the White & Case team with Linklaters fielding Moscow-based capital markets partners Peter Allen and Dmitry Dobatkin.
Dobatkin said: “There’ve been attempts to do this before but they haven’t happened for mostly commercial reasons. This deal probably benefited from the right timing.
“This deal involved a lot of restructuring work and included many innovative features. It also required particularly close cooperation among the parties.”
Allen & Overy acted for the special purpose vehicle that issued the bonds, while Clifford Chance acted as the depositary counsel.