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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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