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26 April 2008

Asters Advises on the Most Significant Steel Mill Financing in Ukraine


Asters acted as Ukrainian legal counsel to Barclays Capital and Citigroup, the joint mandated lead arrangers and underwriters, and SACE, an Italian export credit agency, in connection with the USD 344 million financing of the Dnepropetrovsk steel mill project in Ukraine sponsored by Interpipe.

Interpipe, one of the world’s leading producers of steel pipes and railway wheels, is developing and constructing the a 1.32 million ton steel electric arc furnace (EAF), which will be funded through a debt financing package totalling USD 531 million with the remaining project costs being met through project sponsor equity. The new debt facilities will support Interpipe’s strategy to increase its capabilities in steel production and implement an extensive expansion programme in Ukraine.

This project represents one of the largest investments in Ukraine since the country’s independence and proves further growth of steel sector and industrial development in Ukraine. It is one of the most significant transactions in Ukraine for both Barclays Capital and Citibank and it is also the largest transaction for SACE in Ukraine to date.

Members of the Asters’ team included partners Iryna Pokanay and Armen Khachaturyan and associates Gabriel Aslanian, Yulia Spolitak and Yevhen Porada. The deal demonstrated the depth and breadth of the team’s capability to advise on and execute a transaction of a complex nature (project finance/export finance) that garnered a great deal of attention in the industry.


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