Sayenko Kharenko advised on Interpipe financial obligations restructuring

Sayenko Kharenko acted as the transactional counsel to ING, Citibank and Unicredit, (the “Lenders”), on a landmark USD 1.2 billion restructuring of diversified financial obligations of the Interpipe group, the leading producer of steel pipes in Eastern and Central Europe, (the “Borrower”).

The restructuring covered over 10 jurisdictions (including but not limited to Ukraine, Russia, Great Britain, USA, UAE, BVI, Switzerland, Kazakhstan, Cyprus).

Commenting on this transaction Nazar Chernyavsky noted: “It was one of the most innovative and complex debt restructuring ever in Ukraine and so far the largest restructuring in the industrial sector. Our team developed multijurisdictional transactional documents with over 10 jurisdictions involved, and the new financing and securities structures were designed to carve out the existing project financing provided by one of the expert credit agencies for the purposes of the construction of a new steel mill in Ukraine”.

On the side of the Lenders Sayenko Kharenko provided Ukrainian law advice and Allen & Overy provided English law advice. On the side of the Borrower Avellum Partners acted as Ukrainian law counsel and Baker Botts and Linklaters provided English law advice.

Sayenko Kharenko team for the current transaction included partners Michael Kharenko and Nazar Chernyavsky, senior associate Olexander Olshansky and associates Igor Lozenko and Iryna Bakina.