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Asters Advises Ukrainian Railways on USD 895 Million Eurobond Restructuring

Asters Advises Ukrainian Railways on USD 895 Million Eurobond Restructuring

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Asters, working with Dechert, has advised JSC Ukrainian Railways on the restructuring of two tranches of loan participation notes issued by Rail Capital Markets – one for notes due 2026 and another for notes due 2024 – in a total amount of USD 895 million.

According to Asters, "holders of both loan participations notes agreed to extend the maturity dates of the relevant loan agreements, provide for the deferral of interest during a two-year period, make certain amendments to the covenants contained in the loan agreements, and replace the trustee."

Ukrainian Railways is a railway network operator in Ukraine that controls the railroad transportation in the country with a combined total length of track of over 24.000 kilometers.

"It is hard to overestimate the importance of Ukrainian Railways for Ukraine's economy," Asters Senior Partner Armen Khachaturyan commented. "The successful financial restructuring will allow the company to free up financial resources to eliminate the consequences of the Russian aggression, to maintain the company's stable operation and uninterrupted rail transportation during the wartime."

The Asters team was led by Khachaturyan and Counsel Maksym Tereshchuk.

Asters did not respond to our inquiry on the matter.

Editor's Note: After this article was published, Sayenko Kharenko announced it had advised solicitation agents JP Morgan and Dragon Capital. The Sayenko Kharenko team was led by Partner Igor Lozenko and included Associates Oles Trachuk, Vladyslava Mitsai, and Oleksandr Motin and Junior Associate Yevgen Koval.

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AVELLUM is a leading Ukrainian full service law firm with a key focus on Finance, Corporate, Dispute Resolution, Tax, and Antitrust.

Our aim is to be the firm of choice for large businesses and financial institutions in respect of their most important and challenging transactions.

We build lasting relationships with our clients and make them feel secure in new uncertain economic and legal realities.

We incorporate the most advanced Western legal techniques and practices into our work. By adding our first-hand knowledge, broad industry experience, and unparalleled level of service we deliver the best results to our clients in their business endeavours. Our partners are taking an active role in every transaction and ensure smooth teamwork.

AVELLUM is recognised as one of the leading law firms in Ukraine by various international and Ukrainian legal editions (Chambers, The Legal500, IFLR1000, The Ukrainian Law Firms, and others).

Firm's website: www.avellum.com

 

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