Sayenko Kharenko advises Ukreximbank on the first successful debt restructuring in line with the IMF’s Extended Fund Facility
Sayenko Kharenko acted as legal advisor to Joint Stock Company The State Export-Import Bank of Ukraine (Ukreximbank) on restructuring of its Eurobond issues due 2015, 2016 and 2018. This was the first debt restructuring carried out in line with the requirements of the IMF’s Extended Fund Facility.
The Eurobonds subject to restructuring included two senior notes issues due 2015 and 2018 and a subordinated notes issue due 2016. The restructuring covered extension of the maturity of each of the notes issues by seven years, increasing the coupon and modifying the repayment schedule from bullet to amortizing repayment.