Sayenko Kharenko acted as Ukrainian legal counsel to the ad hoc committee of bondholders in the successful restructuring of thirteen series of Ukraine\u2019s sovereign Eurobonds and sovereign-guaranteed Eurobonds issued by Ukravtodor. The total restructured debt involved approximately USD 20.5 billion of outstanding principal and, with accrued interest, totalled close to USD 24 billion.\u00a0<\/p>\n
The transaction involved exchanging the existing sovereign and sovereign-guaranteed notes into eight new series of Step Up A Notes and Step Up B Notes issued by Ukraine, with an aggregate principal amount of USD 15.2 billion. Key features of the restructuring also included a potential principal increase condition linked to Ukraine\u2019s economic performance in 2028, as well as a loss reinstatement provision that would protect bondholders in the event of a future restructuring triggered by comparability of treatment considerations with official sector claims.\u00a0<\/p>\n
According to the Ministry of Finance of Ukraine, this restructuring significantly reduces immediate debt servicing payments by 93%, resulting in savings of USD 11.4 billion over the next three years. Furthermore, debt servicing costs through 2033 will be reduced by approximately 77%, generating total savings of USD 22.8 billion.\u00a0<\/p>\n
\u201cWe are proud to have played a role in this landmark restructuring, working alongside the parties to achieve a successful outcome. We are also grateful for the noteholders\u2019 unwavering support and commitment to maintaining Ukraine\u2019s economic stability during these challenging times,\u201d<\/em> says Anton Korobeynikov, the firm\u2019s partner.\u00a0<\/strong><\/p>\n Sayenko Kharenko team advising on this transaction included partners Anton Korobeynikov<\/strong>, Nazar Chernyavsky<\/strong>, Igor Lozenko<\/strong>, and senior associate Oles Trachuk<\/strong>.<\/p>\n","protected":false},"excerpt":{"rendered":" Sayenko Kharenko acted as Ukrainian legal counsel to the ad hoc committee of bondholders in the successful restructuring of thirteen series of Ukraine\u2019s sovereign Eurobonds and sovereign-guaranteed Eurobonds issued by Ukravtodor. The total restructured debt involved approximately USD 20.5 billion of outstanding principal and, with accrued interest, totalled close to USD 24 billion.\u00a0 The transaction […]<\/p>\n","protected":false},"author":4489,"featured_media":584102,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[15576,15575],"tags":[],"class_list":["post-784368","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-articles-en","category-news-and-articles-from-companies-en","company-16096"],"_links":{"self":[{"href":"https:\/\/new.eba.com.ua\/en\/wp-json\/wp\/v2\/posts\/784368","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/new.eba.com.ua\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/new.eba.com.ua\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/new.eba.com.ua\/en\/wp-json\/wp\/v2\/users\/4489"}],"replies":[{"embeddable":true,"href":"https:\/\/new.eba.com.ua\/en\/wp-json\/wp\/v2\/comments?post=784368"}],"version-history":[{"count":0,"href":"https:\/\/new.eba.com.ua\/en\/wp-json\/wp\/v2\/posts\/784368\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/new.eba.com.ua\/en\/wp-json\/wp\/v2\/media\/584102"}],"wp:attachment":[{"href":"https:\/\/new.eba.com.ua\/en\/wp-json\/wp\/v2\/media?parent=784368"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/new.eba.com.ua\/en\/wp-json\/wp\/v2\/categories?post=784368"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/new.eba.com.ua\/en\/wp-json\/wp\/v2\/tags?post=784368"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}