Sayenko Kharenko acted as legal counsel to Goldman Sachs, ING and Raiffeisen Bank International, lead-managers of the debut USD 800 mln Eurobond offering followed by USD 75 mln tap issued by Far-Eastern Shipping Company plc (“FESCO”).
The notes of the both original and tap deals were placed in two tranches: the USD 500 mln 8% notes due 2018 were tapped for USD 50 mln and the USD 300 mln 8.75% notes due 2020 – for USD 25 mln.
The notes are guaranteed by certain subsidiaries and the parent company. The funds raised will be used to repay FESCO’s outstanding debt and debt incurred in connection with the acquisition of FESCO by Summa Group in December 2012.
FESCO is one of the largest Russian port owners and operators with rail and shipping assets, now part of Summa Group.
Sayenko Kharenko’s team for the current transaction included senior associates Igor Lozenko and Iryna Bakina, associate Marta Hontaruk and was led by partner Nazar Chernyavsky.