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Fieldfisher has advised Kyiv Finance plc, a bond issuer, in relation to the U.S. $300m debt restructuring for the city of Kyiv.
Kyiv Finance had issued bonds used to finance a loan to the city. Prior to the legal maturity of the loan, due in 2016, the Republic of Ukraine proposed a mandatory exchange of the bonds for sovereign securities. Following a vote of the bondholders, the proposal was approved and the exchange successfully took place in December.
The Fieldfisher team was led by Gonzalo Fernandez, a partner in the Securitisation and Structured Finance team, supported by partner Alex Campbell. The pair advised Kyiv Finance on all aspects of the restructuring, which was successfully implemented in a very tight time frame.
Fieldfisher was instructed by Law Debenture Corporate Services Limited, which provided corporate services to Kyiv Finance. The transaction involved multiple counterparties, including Goldman Sachs, Deutsche Bank, The Bank of New York Mellon, Credit Suisse, Lazard Freres and the Republic of the Ukraine. Other law firms advising on the transaction included Allen & Overy, Ashurst, Hogan Lovells, Linklaters and White & Case.
Gonzalo Fernandez said: "This transaction is an example of our strong experience in complex distressed debt restructurings and involved advice relating to the rights of the creditors to take action to enforce their claims and an analysis of the relevant provisions of the finance documentation."