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Mayer Brown advises Vseukrainsky Aksionerny Bank on the restructuring of their U.S.$125,000,000 Loan Participation Notes

12 April 2010

12 April 2010 – Leading international law firm Mayer Brown has advised Vseukrainsky Aksionerny Bank (“VAB Bank”) on the restructuring of their U.S.$125,000,000 loan participation notes. The notes were originally issued by Credit Suisse International for the sole purpose of funding a loan to VAB Bank.

The original issuer of the notes has been substituted with a new issuer. Mayer Brown advised both VAB Bank and the new issuer. VAB Bank successfully sought noteholders approval and registration with the National Bank of Ukraine of the amendments to the notes and the loan.

The repayment of the notes has been extended from 14 June 2010 to 14 June 2014 and the coupon has been increased from 10.125 per cent to 10.5 per cent amongst other amendments. Corresponding amendments to the loan were also made.

Mayer Brown advised VAB Bank on the original issuance of the notes in May 2007. VAB Bank has been operating in the Ukrainian financial market since 1992 with 150 branches throughout Ukraine and a representative office in Budapest.

Drew Salvest, Finance partner at Mayer Brown, said: “This transaction demonstrates the versatility of our capital markets team in responding to the needs of our clients. While the new issue market presented difficulties, we were able to assist VAB Bank in structuring and executing an offer to note holders which successfully extended the notes maturity and improved the bank’s liquidity position.”

The Mayer Brown team was led by Finance partners Drew Salvest and John Taylor, with the assistance of Finance associate Amandeep Kharaud, with the new issuer being advised by Corporate partners Stephanie Bates and Lauri-Lynn Pursall, with the assistance of Corporate associate Louise Barber.

For more information, contact:

PR Manager, London
+44 20 3130 8547

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