News (#05 May 2017)

Deals

Asters advised EBRD on USD 3 million loan to Ecosoft

Asters acted as legal counsel to the European Bank for Reconstruction and Development (EBRD) in connection with its USD 3 million financing to Ecosoft. The five-year loan will help the company to increase its production and storage capacity by purchasing additional injection moulding equipment.

The investment is supported by the European Union (EU) under the EU4Business Initiative, which is designed to support small and medium-sized enterprises (SMEs) in those countries that will benefit from a Deep and Comprehensive Free Trade Area with the EU (DCFTA).

Asters banking and finance team advising on the project consisted of partner Iryna Pokanay, counsel Gabriel Aslanian and associate Inna Bondarenko.

Redcliffe Partners supported EBRD in launch of renewable energy generation plant

Redcliffe Partners acted as a legal adviser to the EBRDin connection with the EUR 3.3 million financing of an Aquanova Development LLC loan facility for the construction of a small hydro power plant, Nyzhniy Bystryi.

The project was implemented in Phase II of the Ukraine Sustainable Energy Lending Facility (USELF), which was designed to promote renewable energy generation in Ukraine, an increasingly important factor in the countrys energy security.

Redcliffes advisory role in the transaction included conducting legal due diligence of the borrower, drafting legal documents under the transaction and legal assistance at the completion stage of the deal. Redcliffes team included Managing Partner Olexiy Soshenko, associate Evgeniy Vazhynskiy and junior associate Anatoliy Doludenko.

Clifford Chance advised the EBRD on the English law aspects of this financing.

Asters legal counsel to ED&F Man

Asters acted as a legal counsel to ED&F Man in connection with the issue of a UAH 195 million customs guarantee by Ukrgasbank in favor of the State Fiscal Service of Ukraine for ED&F Man. This project was the first in Ukraine to involve a customs guarantee issued by a Ukrainian bank. Asters team advising on the project was made up of partner Oleksiy Khomyakov and associate Oksana Legka.

Metinvest B.V. completed USD 2.3 billion debt restructuring

Baker McKenzie acted as legal counsel to Metinvest B.V., in connection with the restructuring of USD 2.3 billion worth of debt under its notes and pre-export finance (PXF) loan facilities. Baker McKenzie assisted Metinvest B.V alongside with Allen & Overy. Under the terms of the restructuring, three series of guaranteed notes (due in 2016, 2017 and 2018) were cancelled and delisted, and replaced with new listed senior secured notes totaling approximately USD 1.2 billion due in December 2021. Additionally, four PXF syndicated loan facilities were amended, restated and consolidated into a single loan facility for the approximate amount of USD 1.1 billion due in June 2021. Baker McKenzies international team was led by partner Serhiy Chorny from the Kyiv office and partners Ian Jack and Roy Pearce from the London office. Key input in Kyiv was provided by Hanna Shtepa, Maksym Hlotov, Stepanyda Badovska, Ganna Smyrnova, Anna Boyko and Bogdan Dyakovych.

AVELLUM acted as a Ukrainian law counsel to the bondholder group composed of holders of guaranteed notes issued by Metinvest B.V. The AVELLUM team included partner Glib Bondar; counsel Igor Lozenko; senior associate Taras Dmukhovskyy, and associates Taras Stadniichuk and Orest Franchuk.

CMS advised on one of CEEs largest ever restructurings

CMS Cameron McKenna has advised the creditors committee and the broader creditor group on the restructuring of the bank debt of DTEK. This complex transaction involved the composite restructuring of numerous previously unrelated facilities made available by a diverse lender group. The CMS team advised on the English law restructuring, and also provided local legislative advice on various aspects of the restructuring, including in light of the situation evolving in Ukraine.

Partners Mark Segall and Ashley Smith led a large cross-border CMS team from London, Kyiv, Amsterdam, Zurich and Moscow. In Kyiv, the CMS Cameron McKenna team included senior associate Kateryna Chechulina of the Banking & International Finance team and senior associate Tetyana Dovgan along with associate Vitalii Mainarovych from the corporate team.

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