Kyiv / London, 5 August 2008 – Baker & McKenzie has acted as Ukrainian and English law counsel to Joint-Stock Commercial Innovation Bank “UkrSibbank” on its USD250 million bond issue under its USD2 billion Medium Term Note Programme.
UkrSibbank, which is the third largest Ukrainian bank in terms of assets, is the third bank in Ukraine to establish an MTN Programme. Baker & McKenzie has advised on all but one of the MTN Programmes established in the Ukraine to date.
The Baker & McKenzie team was led by partners Chris Hogan and Roy Pearce in London and Glib Bondar in Kyiv, with significant input from associates Andriy Nikiforov and Maksym Hlotov in Kyiv, associate Anders Nelson and trainee solicitor Laura Watson in London.
Roy Pearce, Corporate partner at Baker & McKenzie, said: "We were delighted to have had the opportunity to represent UkrSibbank on another successful bond offering, which was all the more challenging in current market conditions."
The offering was structured as an issue of 9.25% loan participation notes due 2011, pursuant to Regulation S and Rule 144A, which was admitted to the official list of the UK Listing Authority and for trading on the London Stock Exchange. This is the fifth Eurobond offering by UkrSibbank since its debut issue in 2004 which Baker & McKenzie also advised, having helped UkrSibbank to attract over USD1 billion on the debt capital markets.
Commenting on the deal, Glib Bondar said: “We are very pleased to have assisted our long-
standing client, UkrSibbank, with this relatively new form of funding for the Ukraine. Our work with the London office underscores Baker & McKenzie’s ability to simplify legal complexity across boundaries, and bring top tier service to our clients.”
Vadym Mironyuk, Head of International Business at UkrSibbank, added: “We have greatly benefited from the depth and breadth of the banking platform at Baker & McKenzie.”
BNP Paribas and UBS Limited acted as Joint Lead Managers, and Alpha Bank A.E. as Manager of the issue. The Managers were advised by White & Case LLP as to U.S. and English law and Sayenko Kharenko as to Ukrainian law.