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12 August 2009

Sayenko Kharenko advised on USD 175 million Eurobond Restructuring of XXI Century

Sayenko Kharenko acted as a Ukrainian legal counsel to Renaissance Capital, the solicitation agent, on the restructuring of XXI Century Investment Public Limited (XXI Century) USD 175 million Eurobonds. This transaction remains the largest debt restructuring in the real estate market of Ukraine to date.

The terms of the restructuring include, inter alia, a deferred repayment schedule and the appointment of an additional director to the Board of the Company. The Company has also offered to issue to the Noteholders new shares and warrants which, when fully issued and exercised, will amount to up to 15% of the Company's share capital on a fully diluted basis. XXI Century is one of Ukraine's leading real estate investment, development and property management companies.

Renaissance Capital Ukraine is a leading full-service investment bank based in Ukraine.

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

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