The Deal:
On March 8, 2016, CEE Legal Matters reported that Sayenko & Kharenko had advised Sberbank on the restructuring of a sovereign-guaranteed loan to Yuzhnoya's State Design Office and the Road Agency of Ukraine (Ukravtodor) with an outstanding principal balance of approximately USD 367 million and had advised Sberbank and Citibank on the restructuring of another loan to Ukravtodor with an outstanding principal balance of EUR 37.3 million. Linklaters advised the banks on matters of English law, and Avellum acted as Ukrainian counsel to the Ministry of Finance of Ukraine on both matters. As we reported at the time, the outstanding principal balance of the two sovereign-guaranteed loans and accrued interest thereon were discharged in full, and the two loans were terminated, in exchange for the delivery to lenders in respective portions of (i) the USD 315.769 million aggregate principal amount of Ukraine's 7.75% notes due in 2019, representing 75% of the outstanding principal balance of the loans plus accrued interest, and (ii) the USD 102.246 million aggregate notional amount of Ukraine's GDP-linked securities, representing the remaining 25% of the outstanding principal balance of the loans.
We reached out to Nazar Chernyavsky, the Partner at Sayenko Kharenko who led his firm's team on the restructurings, for more information.
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Originally published by CEE Legal Matters
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