A-CLUB

Debt restructuring of PJSC "Toronto-Kyiv" was successful completed

News 28 December 2017 - 12:02

PJSC "Alfa-Bank" announces successful completion of loan facility restructuring to PJSC "Ukrainian-Canadian Joint Company Toronto-Kyiv" to the amount approximately USD 100 million. The loan facility was raised to develop Business Centre located in Kyiv downtown – one of a few business centres in Ukraine to have officially obtained Class A according to all international standards.

On November 28, Alfa-Bank Ukraine approved loan facility restructuring plan within the procedure defined by the Law of Ukraine "On Financial Restructuring". The amount of restructured debt allows it to be one of the most large-scale financial restructurings, completed according to the requirements of the new Law of Ukraine “On Financial Restructuring". Thanks to the thorough preparation of all necessary documents and concerted efforts of all parties, the deal was completed in record short time – one month.

Oleksandr Lukanov, President of Alfa-Bank Ukraine, said: «This deal became one of the first completed restructuring projects in Ukraine within the framework of the new profile legal act. The draft law was proposed by the government in 2015, but was supported by the Parliament only this year. We thank our partners for their support and coordinated teamwork, which, I believe, enriched our expertise on asset restructuring».

Yuriy Kryvosheya, President of PJSC "Toronto-Kyiv", commented: «We highly appreciate incredible effort and well-coordinated work of Alfa-Bank Ukraine and Sayenko Kharenko teams that enabled us to go through the very complex, in all aspects, process of financial restructuring within a record short time for the whole of Ukrainian market. Now, with this accomplishment, we are looking forward to develop further synergies».

Oleksandr Nikolaichyk, counsel with Sayenko Kharenko Law Firm, which provided legal support of the deal, noted: «We congratulate the parties on the completion of this remarkable deal representing an example of successful application of the new procedures set-out under the Law Of Ukraine "On Financial Restructuring", in process of complex restructuring of syndicated loan facility and further refinancing of the debtor».

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Alfa-Bank Ukraine and Ukrsotsbank - universal banks with private international capital and proven reliability. For over 25 years we have provided a full range of modern banking services to individuals and legal entities and support our clients on all financial issues and in all life situations. According to the NBU classification, Alfa-Bank Ukraine and Ukrsotsbank are a group of banks of foreign banking groups.

PJSC “UCJC “Toronto-Kyiv” operates the largest and one of the finest mixed-use real estate properties in Ukraine called “Toronto-Kyiv” Complex, which is located in the heart of the historical and business district of Kyiv just across of the landmark St. Nicolas Catholic Cathedral. “Toronto-Kyiv” Complex consists of Class A office premises, retail space, restaurant areas, first time in Ukraine five floors underground parking, and hotel with the brand Holiday Inn Kyiv managed by the InterContinental Hotels Group .

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