Sayenko Kharenko acted as Ukrainian legal counsel to J.P. Morgan, the solicitation agent, in relation to the consent solicitation by Joint Stock Company “State Savings Bank of Ukraine” (Oschadbank) from the noteholders of its USD 700 million loan participation notes due 2023 and USD 500 million loan participation notes due 2025.
The liability management exercise sought the noteholders’ approval in relation to certain amendments to the loan agreements that would temporarily suspend the application of the capital adequacy covenants until cessation or abolition of martial law in Ukraine (to be followed by an additional “transition” period of six months). Such amendments, together with the related waivers, were successfully approved at the meetings of noteholders.
Sayenko Kharenko’s team working on the deal was led by partner Anton Korobeynikov and included associates Oles Trachuk and Oleksandr Motin.