Sayenko Kharenko advises ad hoc committee of holders of Ukraine’s Naftogaz notes due 2022 

Sayenko Kharenko has advised an ad hoc group of noteholders in connection with a consent solicitation launched by Naftogaz, Ukraine’s largest state-owned national oil and gas company, to amend and extend its USD 335 million 7.375% notes due 2022. Sayenko Kharenko’s team advised the ad hoc group on the transaction’s Ukrainian legal and regulatory aspects.

The noteholders provided the requested consent for the amendments to the terms of the 2022 Notes, which included an extension of the notes’ maturity. As a result of the successful amendment of the 2022 Notes and, in parallel, the 2026 notes, Naftogaz has exited the defaults that the company entered into due to the impact of the ongoing Russian military aggression against Ukraine.

Sayenko Kharenko’s team working on the transaction included partners Igor Lozenko and Anton Korobeynikov and senior associate Denis Nakonechnyi.