Redcliffe Partners advises international lenders on the restructuring of a syndicated loan by Ukrlandfarming

Redcliffe acted as Ukrainian law counsel to a group of lenders on the restructuring of a USD600 million syndicated loan provided by Sberbank of Russia and Deutsche Bank to Ukrlandfarming, one of the largest agricultural holding companies in Eurasia.

The restructuring involves the development of the amendments to the Facility Agreement and related financial documents, and covers several jurisdictions, including the UK. Clifford Chance acted as English law counsel to the lenders.

The financing, provided to Ukrlandfarming in 2011, is one of the largest financings in Ukraine’s agrisector, and its restructuring was crucial to maintaining the business. The agreement with creditors was reached in very difficult market and economic conditions, which included the devaluation of the Ukrainian currency and losing the Syrian and Iraqi markets due to hostilities.

Redcliffe has a track record of advising on the most sophisticated agricultural projects in Ukraine. In 2015 alone Redcliffe assisted with a series of transactions involving leading agricultural producers and exporters, including Astarta, COFCO, Kernel, Louis Dreyfus and others.

Redcliffe’s team included Olexiy Soshenko, managing partner, Evgeniy Vazhynskiy, associate, and Olesia Mykhailenko, junior associate.