Sayenko Kharenko advised major foreign banks on restructuring of sovereign-guaranteed loans
Sayenko Kharenko acted as Ukrainian legal counsel to Citibank and Sberbank in the restructuring of a sovereign-guaranteed loan provided by Citibank and Sberbank to the State Road Agency of Ukraine (Ukravtodor) with an outstanding principal amount of EUR 37.3 million and two sovereign-guaranteed loans provided by Sberbank to Yuzhnoye State Design Office and Ukravtodor with an outstanding principal amount of approximately USD 367 million.
The transaction represented one of the series of successfully completed restructuring exercises conducted in accordance with the requirements of the IMF’s Extended Fund Facility.
Under the terms of the restructuring, all three loans have been converted into sovereign Eurobonds and GDP-linked securities with 75% of the outstanding loans amount exchanged for Ukraine’s 7.75% senior notes due 2019, and 25% of the outstanding loans amount exchanged for Ukraine’s GDP-linked securities.
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