Asters advises IPnet on an intragroup loan restructuring through the debt-to-equity swap

Asters acted as a Ukrainian legal counsel to Industrial Media Network PrJSC (IPnet), a leading provider of telecommunication services in Ukraine, in connection with the intragroup loan restructuring via the debt-to-equity swap – a generally recognized instrument of corporate finance. The debt restructuring was the first to be carried out in Ukraine with the use of this instrument in accordance with the new corporate and currency control regulations.

The debt-to-equity conversion resulted in the transfer of USD 3 million loan obligations owed to a foreign parent company into additional shares of IPnet.

Asters' advisory role included full legal support on all matters, including the analysis of possible conversion methods, drafting necessary contractual documentation, carrying out additional issuance of shares, registration of shares issuance, prospectus of shares issuance and report on results of shares placement with the National Securities and Stock Market Commission, carrying out all procedures with the National Depository of Ukraine and the shareholder's depository institution, and advising on other matters of corporate, commercial and company law.

Asters' business law team advising on the project consisted of partner Vadym Samoilenko and senior associate Maryana Sayenko.

* * *

Asters is a full-service independent national law firm that has maintained a strong presence in Ukraine since 1995. Asters has extensive industry-specific experience and plays a leading role in advising clients in various market sectors. The Firm has consistently remained at the top of the Ukrainian legal market throughout its history. Asters is a winner of Ukraine Law Firm of the Year 2018 award by Who’s Who Legal and a two-time winner of the Law Firm of the Year: Ukraine and the CIS award (The Lawyer European Awards 2014 and 2015). It is also acknowledged as the Law Firm of the Decade by Ukraine's Legal Awards 2016. Asters holds top positions in the most authoritative international and Ukrainian market reviews: The Legal 500, Chambers Global and Chambers Europe, IFLR 1000, Who's Who Legal, Best Lawyers, Expert Guides, and Top 50 Law Firms Annual National Ranking.