<\/p>\n
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 <\/p>","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},"categories":[24,23],"tags":[],"yoast_head":"\n