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10 August 2009

Sayenko Kharenko advised on over USD 1 billion worth of debt restructuring of Alfa-Bank

Sayenko Kharenko advised HSBC and UBS, the deal managers, on exchange offer and consent solicitation of Alfa-Bank Eurobonds totaling over USD 1 billion.

Sayenko Kharenko advised the lead managers on the Ukrainian law issues together with White&Case advising on the English law. This transaction has been so far the largest debt restructuring in Ukraine’s banking sector.

Restructuring involved issuing of three tranches of Loan Participation Notes due 2012 under Alfa-Bank’s US$2,000,000,000 Loan Participation Note Programme which have been exchanged to three earlier issues of Loan Participation Notes due in 2009, 2010 and 2011 with partial cash repayment. Each of the loans to Alfa-Bank underlying the original issues has been amended to reflect the exchange, cancelled and replaced by a new loan relating to Loan Participation Notes due 2012.

“The transaction represented a challenging exercise for the legal advisors, involving, among other factors, a complex structure with different issuers of the notes. Exchange Offer success has improved Alfa-Bank external debt profile and reinforced the bank’s position among investors” – explained Sayenko Kharenko partner Michael Kharenko.

Sayenko Kharenko team included associate Anton Korobeynikov, counsel Nazar Chernyavsky and partner Michael Kharenko.

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