Ukraine:
Legal Counsel On The Debut Eurobond Issue By One Of The Largest Russian Port Operators
18 June 2013
Sayenko Kharenko
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Sayenko Kharenko acted as legal counsel to Goldman
Sachs, ING and Raiffeisen Bank
International, lead-managers of the debut USD 800 mln
Eurobond offering followed by USD 75 mln tap issued by Far-Eastern
Shipping Company plc ("FESCO").
The notes of the both original and tap deals were placed in two
tranches: the USD 500 mln 8% notes due 2018 were tapped for USD 50
mln and the USD 300 mln 8.75% notes due 2020 – for USD 25
mln.
The notes are guaranteed by certain subsidiaries and the parent
company. The funds raised will be used to repay FESCO's
outstanding debt and debt incurred in connection with
the acquisition of FESCO by Summa Group in December 2012.
FESCO is one of the largest Russian port owners
and operators with rail and shipping assets, now part of Summa
Group.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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