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15 October 2008

Sayenko Kharenko advised Citibank N.A. on USD 250 million syndicated loan to Zaporizhstal

Sayenko Kharenko acted as the Ukrainian legal counsel to Citibank N.A. on USD 250 million syndicated loan to Zaporizhstal.

The syndication was arranged by Citibank N.A., London Branch. At the times of the global economic recession, the loan provided at the interest rate of LIBOR + 2,5% was viewed a successful transaction.

Citibank N.A. is an affiliate of Citigroup. Citigroup is a major American financial services group headquartered in New York City, NY. Citigroup has the world's largest financial services network, spanning 107 countries with approximately 12,000 offices worldwide.

Zaporizhstal, is Ukraine's fourth largest steel maker with an annual capacity of 4.5 million tons of steel, 3.3 million tons of cast iron, 4.1 million of finished steel products, and ranks 54th in the world. Zaporizhstal is Ukraine's only manufacturer of cold-rolled sheets, used in car manufacturing, as well as tinplates and polished stainless and alloyed steel.

SAYENKO KHARENKO team advising on the transaction included associate Anton Korobeynikov, counsel Nazar Chernyavsky, led by partner Michael Kharenko.

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