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Redcliffe Partners, Clifford Chance, A&O, Akin Gump, and Asters Advise on ED&F Man Debt Refinancing

Redcliffe Partners, Clifford Chance, A&O, Akin Gump, and Asters Advise on ED&F Man Debt Refinancing

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Redcliffe Partners and Clifford Chance have advised ED & F Man Treasury Management plc, the treasury management arm of ED & F Man, a UK-based international commodities trader, on Ukrainian law aspects on the refinancing and restructuring of nearly USD 1.5 billion of debt and raising an extra USD 320 million in working capital. Allen & Overy and Akin Gump Strauss Hauer & Feld advised the scheme creditors and note-holders, respectively, and Asters advised the unidentified lenders on Ukrainian law aspects of the deal.

According to Redcliffe Partners, the working capital was raised from “the scheme creditors via the scheme of arrangement under part 26 of the Companies Act 2006 sanctioned by the High Court on 9 September 2020. The scheme is designed to restructure certain aspects of the group’s existing debts (including credit facilities as well as private placement notes) through the amendment and restatement of those instruments with a common extended maturity date and covenants under the umbrella of the common terms agreement with the scheme lenders. In addition, the arrangements provide the scheme creditors with the opportunity to participate in new money debt to be provided to the borrower to finance the general corporate and working capital purposes of the group, including the peak seasonal working capital requirements and the trading activities of the commodities business line.”

Redcliffe Partners at a Glance

Redcliffe Partners is a leading Ukrainian law firm that provides a full range of legal services to large national enterprises, international companies, financial institutions and private investors who are conducting business or investment activities in Ukraine.

We are involved in the majority of the largest and most complicated transactions and litigation cases in Ukraine.

Redcliffe is a top-tier law firm in Ukraine, being Tier 1 in all of our key practices: Banking, Energy and M&A according to Legal 500 2019.

The basis of our work and dynamic development is a powerful international team, practical experience in the most active business sectors, and impeccable professional ethics and business transparency.

Firm's website: www.redcliffe-partners.com