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5 November 2009

Sayenko Kharenko advised on USD 1,6 billion Naftogas external debt restructuring

Sayenko Kharenko acted as a Ukrainian legal counsel to Credit Suisse, the deal manager on the complex restructuring of NJC “Naftogas of Ukraine” (Naftogas) external debt. Naftogas successfully completed the restructuring by a way of exchange of its bilateral loans in the amount of USD 1.1 billion and existing LPNs in the amount of USD 500 million, which were due on 30 September 2009, into a single issue of securities to be guaranteed by the state.

So far, this transaction remains the largest debt restructuring in the Ukrainian market.

“This transaction was unique for Ukraine. This was the first direct issue of foreign securities by a Ukrainian company, without using loan participation notes. This was a technically difficult process, as a number of new regulations had to be adopted.”, said Michael Kharenko, partner at Sayenko Kharenko.

Sayenko Kharenko team involved in the transaction included partners Michael Kharenko, Nazar Chernyavsky and associates Yuriy Draganchuk, Anton Korobeynikov and Igor Lozenko.


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