Redcliffe Partners acted as a legal adviser to Citibank Europe Plc (UK Branch) on the restructuring of USD16 million outstanding loan provided to Rubizhne Cardboard and Packaging Mill (JSC RKTK) under an up to USD88 million term facility.

Legal support on the transaction included drafting an amendment and restatement agreement to the RKTK loan, drafting and signing amendment agreements to security documents, collection and review of condition precedents, and preparation of legal opinions.

Redcliffe’s team on the project comprised Olexiy Soshenko, managing partner and Head of the Banking and Finance practice, and Evgeniy Vazhynskiy, an associate in the Banking and Finance practice.

JSC RKTK has been a successful business in the packaging market since 1991, and has become a leader in the production of corrugated board transit packaging in Ukraine as well as exporting its products. The company offers products comparable to those of European competitors, and this is recognised by many well-known companies, including Procter & Gamble, Johnson Kyiv Corporation, Philip Morris, Кraft Foods, Sun Interbrew, ВВН, the Dnepropetrovsk oil extraction company and Sandora, etc.

Clifford Chance advised Citibank Europe Plc on the English law aspects of the loan restructuring. The team was led by Jared Grubb, managing partner of Clifford Chance Istanbul office.

USUBC NOTE: Citi is a member of U.S.-Ukraine Business Council (USUBC), Wash, D.C.