Ukraine

Sayenko Kharenko has acted as Ukrainian legal counsel to the European Bank for Reconstruction and Development (EBRD) in connection with a EUR 20 million loan to OTP Leasing, a leading leasing company in Ukraine. The financing is supported by an interest-rate subsidy of up to 10 per cent from the United States through the EBRD SME Special Fund. It is intended to expand the availability of leasing solutions for Ukrainian micro, small and medium-sized enterprises (MSMEs) operating under challenging economic conditions resulting from the ongoing war. By facilitating access to vehicles, equipment and machinery through leasing arrangements, the loan will help MSMEs pursue business development and investment plans without requiring substantial upfront capital, thereby supporting liquidity. Half of the EBRD’s loan will be allocated to long-term investments in European Union (EU)-compliant and green technologies. Eligible sub-borrowers may also receive investment incentives funded by the United States and technical assistance supported by the European Union under the EU4Business initiative. In addition to benefits available to women-led and youth-led enterprises, greater incentives will be provided to support war-affected and vulnerable groups, including MSMEs that have suffered asset loss or destruction, businesses reintegrating war veterans, internally displaced persons and returnees, persons with disabilities, as well as MSMEs relocated from or operating in war-affected regions. The EBRD is Ukraine’s largest institutional lender, having deployed more than EUR 9.1 billion in the real economy since Russia’s full-scale invasion in February 2022, including EUR 3.3 billion through its partner financial institutions. Sayenko Kharenko team included Igor Lozenko, Oles Trachuk and Artem Medvetskyi. https://sk.ua/sayenko-kharenko-advises-ebrd-on-a-eur-20-million-loan-to-otp-leasing/

Sayenko Kharenko has acted as Ukrainian legal counsel to the European Fund for Southeast Europe (EFSE) on providing, through its Ukraine Sub-Fund (USF), a 5-year loan of EUR 20 million, equivalent in Ukrainian hryvnia, to ProCredit Bank. The new financing will be channelled through more than 150 sub-loans to strengthen access to finance for micro, small, and medium-sized enterprises (MSMEs), helping them sustain operations, restore assets, and retain jobs. EFSE is an impact investment fund to drive economic development and prosperity in Southeast Europe and the Caucasus. Through its two sub-funds—the Regional Sub-Fund (RSF) and the Ukraine Sub-Fund (USF)—EFSE provides tailored financial solutions to foster entrepreneurship, strengthen financial inclusion, and support local economies. ProCredit Bank is part of the international ProCredit group, headquartered in Frankfurt am Main, Germany. As a specialised bank focused on small and medium-sized enterprises (SMEs), ProCredit Bank offers a wide range of banking services, combining high-quality customer service with deep expertise in SME financing. Sayenko Kharenko’s team included Igor Lozenko and Oles Trachuk. https://sk.ua/sayenko-kharenko-advises-the-efse-on-eur-20-million-financing-to-procredit-bank-to-support-ukrainian-msmes/

Sayenko Kharenko has acted as Ukrainian legal counsel to J.P. Morgan and Dragon Capital, the joint lead managers, in connection with the USD 450 million Eurobond issuance by MHP, a leading international food and agri group with Ukrainian roots. The notes, issued with a 10.500% coupon and maturing in 2029, were later increased by USD 100 million through a tap offering, with Sayenko Kharenko also advising J.P. Morgan as sole bookrunner. The transaction marked the first Eurobond issuance by a Ukrainian corporate since the start of the full-scale invasion of Ukraine in February 2022. The proceeds of the notes were used to fund the tender offer and redemption of the outstanding USD 550 million notes due 2026, while the remaining liquidity will be allocated to MHP’s future investment initiatives, including capital expenditures and ongoing operational needs. “Our capital markets team is honoured to have supported the joint lead managers on this landmark transaction. It marks the return of new money corporate issuance from Ukraine, alongside a well-coordinated liability management exercise. Executing a transaction of this scale in the current environment is a remarkable achievement and establishes a clear benchmark for subsequent Ukrainian corporate issuances,” commented Igor Lozenko, partner at Sayenko Kharenko. Sayenko Kharenko’s team included Igor Lozenko, Anton Korobeynikov, Oles Trachuk, Vladyslava Mitsai, Artem Medvetskyi, Danylo Dashko, Karina Zadorozhna and Yevhenii Sapojnikov. https://sk.ua/sayenko-kharenko-advises-on-mhp-s-landmark-eurobond-issuance-tap-offering-and-related-tender-offer/

Sayenko Kharenko’s White Collar Criminal Defence practice provided comprehensive legal support to national telecom operator Kyivstar in the investigation of an unprecedented cyberattack that occurred in December 2023. The firm’s attorneys focused on protecting the client’s interests as a victim in criminal proceedings, liaising with law enforcement authorities, and participating in the required investigative actions. The firm’s expertise also encompassed coordination with the Security Service of Ukraine, the Cyberpolice Department, and international partners to document evidence of digital aggression. The project stands as one of the most complex procedural cybersecurity and critical infrastructure incident cases in Ukraine. Sayenko Kharenko’s team working on the project included partner Sergiy Smirnov, counsel Zlata Symonenko, senior associates Bogdan Golovko and Yevhen Myroshnykov, associate Mykhailo Novytskyi. https://sk.ua/sayenko-kharenko-advised-kyivstar-in-connection-with-the-largest-cyberattack-in-ukraine-s-history/