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Aequo Advises EBRD on First-Ever UAH-Denominated Loan

Aequo Advises EBRD on First-Ever UAH-Denominated Loan

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Aequo has acted as Ukrainian law counsel to the EBRD in connection with its extension of a UAH-denominated loan — its first ever — of an amount equal to USD 20 million to OTP Leasing LLC. 

The loan will be utilized for financing leasing transactions with private Ukrainian companies, including small and medium-sized enterprises under the EBRD's SME Local Currency Programme. According to Aequo, "having borrowed the UAH loan OTP Leasing will be able to reduce its financial indebtedness in foreign currency." 

Aequo's team was supervised by Partner Yulia Kyrpa and included Senior Associate Denys Kulgavyi and Associate Valeriy Savva.

"We are honored to have represented EBRD in this very first successful and long-awaited project within EBRD's SME Local Currency Programme in Ukraine," said Kyrpa. "Benefiting from its status of an international financial institution EBRD may extensively meet funding needs of its clients, now also in UAH. It is a significant support for OTP Leasing, enabling it to expand its leasing portfolio without taking any associated FX risks. This transaction is an important milestone in both the financial and leasing market of Ukraine."

Editor's Note: After this story was published, Sayenko Kharenko announced that it provided legal advice to Raiffeisen Bank Aval in connection with UAH 514 million financing launching the UAH lending program of the EBRD in Ukraine.

According to Sayenko Kharenko, "EBRD will use the UAH funds for financing its Ukrainian clients. We note that earlier the EBRD has been providing only foreign currency loans to Ukrainian companies, however, recently, the National Bank of Ukraine has permitted international financial institutions to give UAH loans."

"We believe this is a landmark deal for Ukraine and we are happy to assist the EBRD with the launch of their hryvnia-denominated lending, which will allow to continue to support Ukrainian companies and to contribute to the development of the Ukrainian economy," noted Victoria Masna, Head of Financial Institutions at Raiffeisen Bank Aval.

Sayenko Kharenko’s team was led by Partner Nazar Chernyavsky and included Senior Associate Maria Tsabal and Junior Associate Glib Bukharin.

Ukraine Knowledge Partner

Avellum is a leading Ukrainian full service law firm with a special focus on finance, M&A, and dispute resolution. Our goal is to be the firm of choice for our clients with respect to their most significant business transactions. We bring the most advanced Western legal techniques and practice, which, coupled with our first-hand knowledge, broad industry experience, and unparalleled level of service, will help our clients achieve best results in their business endeavours. We work seamlessly in integrated teams with premier US, UK and European law firms in course of multijurisdictional transactions. The team consists of 26 highly qualified attorneys, including three partners – Mykola Stetsenko, Glib Bondar, and Dmytro Marchukov, who are actively involved in every transaction. Avellum is recognised as one of the leading law firms in Ukraine by various international legal directories and Ukrainian legal editions (Chambers, Legal500, IFLR1000, Ukrainian Law Firms, and others).

Firm's website: www.avellum.com

 

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