Sayenko Kharenko acted as legal counsel to PJSC “Toronto-Kyiv” (Toronto-Kyiv) on the complex restructuring of a cross-border syndicated loan facility from PJSC “Alfa-Bank” (Alfa-Bank) raised to develop the Toronto-Kyiv Business Centre located in downtown Kyiv, Ukraine. With the amount of restructured debt of approximately USD 100 million, the deal appears to be the biggest financial restructuring completed under the recently enacted Law of Ukraine “On Financial Restructuring”.
Toronto-Kyiv operates the largest and one of the finest mixed-use Real Estate Properties in Ukraine called “Toronto-Kyiv” Complex, which is located in the heart of the historical & business district of the Capital just across of the landmark St. Nicolas Catholic Cathedral. “Toronto-Kyiv” Complex consists of Class A Office Premises, Retail Space, Restaurant Areas, first in Ukraine five floor underground parking, and Hotel with the brand Holiday Inn Kyiv managed by the InterContinental Hotels Group.
Sayenko Kharenko provided comprehensive legal support for the transaction, including drafting and negotiating transaction documents, implementation support, pre-closing and closing assistance.
Nazar Chernyavsky, partner of Sayenko Kharenko, commented: “We are proud to see that the procedures contemplated by the Financial Restructuring Law, which our firm drafted together with prominent international experts, fit the most sophisticated cross-border debt restructurings involving foreign banks, as well as workouts with local, primarily state-owned, banks”.
Yuriy Kryvosheya, President and Managing Partner of PJSC Toronto-Kyiv, mentioned: “The successful completion of such a complex and a multi-layered restructuring has been possible only because of systematic coordination and incredible dedication of all sides. And, we are very thankful for this!”
Sayenko Kharenko’s team involved in the deal was led by counsel Oleksandr Nikolaichyk assisted by associates Daryna Dashkevych, Oksana Daskaliuk and Mykhailo Grynyshyn, under the general supervision of partner Michael Kharenko. Partner Nazar Chernyavsky and counsel Anton Korobeynikov advised on the application of financial restructuring procedures under the relevant law.