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20 May 2021

Sayenko Kharenko advises ad hoc committee of bondholders on USD 2 billion debt restructuring by DTEK

Sayenko Kharenko has acted as Ukrainian legal counsel to an ad hoc committee of bondholders in connection with USD 2 billion debt restructuring by DTEK, the largest private energy company in Ukraine. The restructuring was implemented through two inter conditional English schemes of arrangement sanctioned by English courts and was successfully completed on 17 May 2021. Pursuant to its terms, DTEK Energy’s existing Eurobonds and bank debt have been converted into two new Eurobond issues: (1) USD 1.65 billion 7 per cent Eurobond issue by DTEK Energy maturing on 31 December 2027 and (2) USD 425 million 6.75 per cent Eurobond issued by DTEK Oil&Gas maturing on 31 December 2026. By lowering interest rates, prolonging maturity, as well as decreasing the leverage, the transaction is expected to provide for a more stable capital structure for DTEK Energy.

Sayenko Kharenko’s core team working on the transaction was led by partner Igor Lozenko and included associate Denis Nakonechnyi and junior associate Oleksandr Motin. The team was assisted by partner Olexander Droug on dispute resolution issues, senior associate Natalia Hutarevych on energy-related matters, partner Maksym Nazarenko and senior associate Anastasia Bodnar on antitrust issues, senior associate Mykhailo Grynyshyn on corporate issues, and senior associate Anton Kerimov-Varanytskyi on taxation.

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