Sayenko Kharenko acted as Ukrainian legal counsel to Raiffeisen Zentralbank Osterreich Aktiengesellschaft and Bayerische Landesbank, the arrangers of USD 100 million syndicated loan to OTP Bank Ukraine.
This transaction became the last successful syndication for Ukrainian banks in 2008 before the credit crunch affected loan markets. The facility was structured in two tranches, with Tranche A borrowed for the period of one year at LIBOR +1,25%, and Tranche B borrowed for the period of two years at LIBOR + 1,65%. The facility is reported to be used to finance trade-related operations of OTP bank corporate customers.
OTP Bank is a universal bank and the acknowledged leader of the Ukrainian financial sector. The Bank provides full range of financial services for private individuals, corporate clients and small and medium enterprises.
SAYENKO KHARENKO team advising on the transaction included associate Yuriy Draganchuk and counsel Nazar Chernyavsky, led by partner Michael Kharenko.