GLAS Appointed On DTEK Group’s $2bn Restructuring By Way Of Two Schemes Of Arrangement
GLAS Specialist Services Limited was appointed to act as Lock-Up, Information and Tabulation Agent in connection with the restructuring of DTEK Group’s financial indebtedness of approximately USD 2 billion.
The lock-up process commenced in late March 2021. The company implemented the restructuring of its existing bank facilities and bond debt in May 2021 by way of two inter-conditional UK schemes of arrangement under Part 26 of the Companies Act 2006. The schemes of arrangement were sanctioned on 13 May 2021 following unanimous approval by the creditors who attended and voted at the creditor meetings. The restructuring completed on 17 May 2021 and enabled DTEK Group to exchange its existing bank facilities and bond debt of approximately $2 billion for two new notes issuances by DTEK Group companies.
DTEK is the largest private investor in Ukraine’s energy sector.
GLAS also participated and effected the restructuring in its roles as Agent in respect of certain of the previous bank facilities, Trustee in respect of the previous notes, and as Security Agent. GLAS was also appointed as Trustee and Security Agent in respect of the two new notes issuances.
The GLAS deal team comprised Mia Drennan, Joanne Brooks, Natasha Chan (Restructuring & Insolvency), Paul Cattermole, Katie Lacey and Aric Kay-Russell (Liability Management and Trustee & Escrow Services), Paul Fletcher (Transaction Management Group), Anthony Tran (Client Services), and Georgios Vrentzos and Shahaana Kulendran (Business Solutions).
Joanne Brooks, GLAS Head of UK and Europe, says, “We are thrilled to have been a part of this landmark transaction alongside the McDermott Will & Emery team. We look forward to continuing our strong relationship.”
GLAS was advised by McDermott Will & Emery UK LLP, specifically by partners Mark Fennessy, Sunay Radia and Mark Fine, and associates Alexander Andronikou and Giulia Venanzoni.
Mark Fennessy, Head of Restructuring at McDermott London says, “At McDermott we continue to develop a leading brand for complex cross-border restructurings and special situations. Working with the excellent GLAS team and with key stakeholders on the DTEK restructuring through two Part 26 schemes of arrangement reflects the type of mandate that our international restructuring practice is built to handle.”
Sunay Radia, partner in the restructuring team at McDermott London added, “We have been cooperating with the first-rate team at GLAS on many cross-border matters and DTEK is a prime example of the type of complex restructuring projects we successfully deliver together. We are looking forward to continuing to apply our joint experience and helping businesses in this challenging and fast-moving market.”
Global Loan Agency Services Limited was established in 2011 as an independent provider of finance administration services. The company was originally created to provide the market a willing participant in complex loan restructuring transactions where many large institutions are reluctant to take swift and cooperative action. It offers a wide range of administration services developed specifically for the debt market. GLAS is recognised as the premier independent, non-creditor, conflict-free provider of loan agency and bond trustee services, with excess of EUR 100bn of assets under administration on a daily basis. For more information, please contact email@example.com.
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