Sayenko Kharenko acted as Ukrainian legal counsel to Goldman Sachs in its capacity as dealer manager in connection with the restructuring of (i) USD 250 million 8 per cent loan participation notes due 2015 (“2015 Notes”) issued by Credit Suisse and (ii) USD 300 million 9.375 per cent loan participation notes due 2016 (“2016 Notes”) issued by Kyiv Finance plc, both for the sole purpose of financing the corresponding loans to the City of Kyiv.
The deal was structured as (i) the exchange offer with respect to the 2015 Notes and (ii) the exchange offer and consent solicitation in respect of the 2016 Notes to provide for the mandatory exchange of the 2016 Notes, which were not exchanged pursuant to the exchange offer.
The 2015 Noteholders agreed to the exchange of USD 148,851,000 in principal amount of the 2015 Notes for the 7.75 per cent. new sovereign notes due 2019 and 2020 and the GDP-linked securities issued by Ukraine. The 2016 Noteholders provided overwhelming support to the restructuring proposal under the consent solicitation to exchange the 2016 Notes for the said sovereign notes and securities as well. As a result of the exchange, the 2015 and 2016 Noteholders agreed to cancel the exchanged notes and release the City of Kyiv from its obligations thereunder.
Sayenko Kharenko team on the transaction included counsel Anton Korobeynikov, senior associate Olexander Olshansky, associates Marta Lozenko, Taras Shyb and Dmytro Vasylyna, and was led by partner Nazar Chernyavsky.