Baker & McKenzie Advises on Restructuring and Recapitalisation of XXI Century
Deal Announcement
8 February 2011
London, United Kingdom, 8 February 2011 – Baker & McKenzie advised XXI Century Investments Public Limited (XXIC) on its financial restructuring and recapitalisation. This complex transaction involved the exchange of XXI Century's listed loan notes and warrants into equity and the restructuring of certain senior debt. In addition, the Company raised approximately US$20 million through the issue of new ordinary shares to Ovaro Holding Limited, a joint investment vehicle of Steltex Investments and Renaissance Capital. The transaction has successfully improved the Company's leverage, strengthened its balance sheet and enabled XXIC to maintain its AIM admission.
XXI Century is one of Ukraine's leading real estate investment, development and property management companies. Baker & McKenzie acted on XXIC's IPO and admission to AIM in 2005, and its subsequent note and warrant issuances.
Baker & McKenzie Corporate Partner Helen Bradley commented: "We are delighted to continue our long-standing association with XXIC by advising on its financial restructuring, allowing it to meet its ongoing working capital requirements and enhance the value of its existing assets."
Jaroslav Kinach, Executive Director of XXI Century Investments Public Limited said, "To have achieved a positive outcome on this complex transaction is very pleasing. Working alongside a committed team from Baker & McKenzie, this transaction has certainly strengthened the institutional and personal relationships between both parties. We look forward to working with Baker & McKenzie again in the future."
The Baker & McKenzie team was led by London Corporate Partner Helen Bradley and included London Associates Hilary Owens, Iryna Nagayets and Alex Roberts. London Partner Chris Hogan led the note and warrant exchange. Support was provided by the London Employment and Banking Departments. White & Case and Sayenko Kharenko advised Renaissance Capital. DLA Piper Ukraine LLC advised Steltex Investments. Linklaters acted on behalf of the note trustee and warrant agent, The Bank of New York Mellon.