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11 January 2010

Sayenko Kharenko advised on USD 275 million Eurobond restructuring of First Ukrainian International Bank

Sayenko Kharenko acted as Ukrainian legal counsel to HSBC Bank Plc and ING Bank N.V., the solicitation agents of the restructuring of USD 275 million Eurobond issue for PJSC First Ukrainian International Bank (FUIB).

Restructuring of the Eurobond provided for a maturity extension from February 16, 2010 to December 31, 2014 and an increased coupon rate of 11.0% to be paid quarterly. The bank also repaid 8% of the normal amount of the notes to the noteholders who voted in favour of the restructuring on the original maturing date.

FUIB belongs to the group of the largest Ukrainian banks. The Bank was founded in 1991. The Bank major shareholder is SCМ Finance LLC (89.87% of the share capital). At present, the Bank branch network is comprised of 11 branches and 124 sub-branches throughout Ukraine.

Sayenko Kharenko team was led by partner Nazar Chernyavsky and included associate Yuriy Draganchuk.

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