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EPAM Advises VIS Group on Refinancing of Yakutsk PPP

EPAM Advises VIS Group on Refinancing of Yakutsk PPP

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Egorov Puginsky Afanasiev & Partners has advised the VIS Group on the refinancing of a public-private partnership project involving the construction of 12 social infrastructure facilities in Yakutsk through the placing of secured social bonds worth over RUB 5.6 billion. The refinancing was arranged by BKS, Otkritie Bank, DOM.RF Bank, and Sovcombank.

According to EPAM, "in 2015 a VIS Group entity entered into a public-private partnership agreement [involving the] construction of schools, kindergartens, a library, and a contemporary art and culture center in Yakutsk as the private partner. Sakha (Yakutia) Republic and Yakutsk City jointly acted as the public partner." According to the firm, the refinancing was carried out through the issuance of bonds by the SFO for Social Development special purpose vehicle, "secured by the public partner’s liquidity under the PPP agreement."

Three tranches of bonds with varied priorities were placed, EPAM reports, adding that "Expert RA rated the senior-tranche bonds as ruA.sf, and the mezzanine-tranche bonds as ruBBB+.sf." According to the firm, "the senior- and mezzanine-tranche bonds are the first ones in Russia to have been qualified by the Moscow Exchange as social bonds of the Sustainable Development Sector. Proceeds from the placement of bonds have been used to refinance the project, which provided for the construction of the social infrastructure facilities."

EPAM's team was led by Partner Dmitriy Glazounov and included, among others, Senior Associate Vladimir Goglachev.

Russian Knowledge Partner

Founded in 1993, Egorov Puginsky Afanasiev & Partners is the leading full-service law firm in the CIS with offices in Russia, Ukraine and Belarus and associated offices in the UK, the USA and Cyprus.

We advise its clients in many areas of law, including: dispute resolution in Russia and abroad, corporate law, M&A, antitrust issues, project finance and PPP, restructurings and insolvencies, energy and natural resources, property management and privatization, environment, technical regulation and industrial safety, banking and finance, intellectual property, criminal law, real estate and construction, taxation, family and labour disputes, marine and transport law, and international trade and customs.

We combine high academic qualifications, internationally acknowledged moral and ethical values, senior partners' professional experience and practical abilities with the vigour and knowledge of younger attorneys that enables thus providing clients with reliable, first-class service according to both Russian and western standards through a flexible structure.

All News about, and Legal Analysis by, Egorov Puginsky Afanasiev & Partners can be found here.

Firm's website: www.epam.ru


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