Sayenko Kharenko advised Oschadbank

Sayenko Kharenko acted as a Ukrainian legal advisor to PJSC State Savings Bank of Ukraine (Oschadbank) in connection with the bank’s reprofiling of USD 100 million subordinated loan due 2017 in line with the requirements of the IMF’s Extended Fund Facility.

Similarly to the earlier reprofiling of the bank’s two Eurobond issues, the changes to the terms of the subordinated loan included maturity extension by seven years to 19 January 2024, increase of the interest rate to USD 6-month Libor plus 6.875% per annum and introduction of an amortizing repayment schedule. The transaction also involved conversion of the financing structure into loan participation notes.

Sayenko Kharenko’s team included counsel Anton Korobeynikov, associates Marta Lozenko, Taras Shyb and Dmytro Vasylyna, and was led by partner Nazar Chernyavsky.