Redcliffe Partners has recently advised Deutsche Bank AG, UniCredit, Natixis and ING (being the coordinated mandated lead arrangers for the pre-export finance creditors) in relation to the restructuring of more than than US$1 billion of Metinvest B.V debt. In combination with the issuance of US$1.592 billion new bonds by Metinvest B.V., this is the largest ever refinancing of a Ukrainian corporate group.
Metinvest B.V. is the parent company of a group of steel and mining companies, and is the largest Ukrainian – and one of the largest CIS – producers of iron ore materials and steel.
Redcliffe's role in the restructuring involved advising creditors on various Ukrainian law issues, reviewing the English law facility documentation, legal due diligence of the Ukrainian security providers, preparation and negotiation of Ukrainian security documents and issuance of the Ukrainian legal opinion.
The team was led by Olexiy Soshenko, managing partner and Head of the Banking and Finance practice, and supported by Olesia Mykhailenko, associate and Eduard Olentsevych, junior associate.
Redcliffe has worked in close cooperation with Clifford Chance, which was the lead legal adviser and English legal counsel to the creditors.
This is the second large debt restructuring of Metinvest group. The first, which was also supported by Redcliffe Partners as a Ukrainian counsel of the PXF creditors, was successfully completed in autumn 2017. This landmark transaction was shortlisted for the Deal of the Year 2017 awards by IFLR and CEE Legal Matters.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.