Finance
Asari Legal’s Finance practice brings together specialists with extensive financing transaction experience gained at leading international and Russian law firms, major Russian and European banks and corporations, as well as international trading houses.
Экспертиза-
Broad capabilities
We advise on a full range of financing transactions, including syndicated loans, trade and project finance, structured finance, bond issues, asset finance, acquisition finance (M&A financing), debt restructuring.
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Trusted by market leaders
Our clients include leading Russian and international banks and financial institutions, private and institutional investors, state-owned and private companies across various sectors, and major commodity traders.
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Industry insight
A key strength of our practice is the in-house experience that our team members gained at banks, corporations and international trading companies. It allows us to understand internal processes and offer legal solutions that mesh with the commercial and operational realities of our clients’ businesses.
Syndicated loans
Our team has over 15 years of experience in syndicated loan transactions under Russian law and common law (including English, Singapore, and Hong Kong law).
We handle deals of varying scale and complexity, including:
• project finance
• pre-export and trade finance
• bilateral “club” and “sleeping” syndicates
• classic syndicated loans with the participation of major Russian and international banks
Trade finance
We have significant experience in trade finance transactions, having supported dozens of deals in recent years, including mandates involving the world’s largest trading houses. Our experience covers the oil, gas, metals, chemicals, agriculture and other commodities markets. We work closely with key market participants across the financial, trading and industrial sectors.
Project finance
We advise on cross-border and domestic project finance transactions, including deals implemented under Russia’s Project Finance Factory programme. Individual team members were directly involved in the programme’s development and in its pilot projects.
Our track record features projects involving:
• construction and reconstruction of commercial real estate
• mining and processing plants
• power plants and industrial facilities
• technology parks and airports
• motorways and water infrastructure
Structured Finance
We design and implement innovative structured finance solutions, such as:
• commodity-backed structures (including commodity repo arrangements)
• structures involving the participation of the finance party in the commodity chain as a trader
• multi-obligor structures with joint and several or secondary liability and risk transfer mechanisms
• multilateral settlement arrangements using netting and debt settlement agreements
• other bespoke structures tailored to clients’ risk allocation and commercial needs
We regularly advise on new financing structures aimed at mitigating financial, commercial, and regulatory risks.
Acquisition finance
We support acquisition finance transactions involving a wide range of assets (real estate, infrastructure, transport, etc.) and advise lenders and borrowers on legal due diligence of target assets, including acquisitions of shares in financial institutions and major commercial properties.
Financial restructuring
We advise on complex debt restructuring scenarios, including:
• exits of lenders from financing structures
• borrower/obligor changes
• stockholding changes
• transfer of assets in lieu of performance
• debt-to-equity conversions
• other restructuring solutions designed to preserve value and optimise recovery
Capital Markets
We advise on the full lifecycle of capital markets deals, including IPOs and SPOs, bond issues and listings, structured products and other financial instruments, as well as transactions involving public companies and listed assets. We work closely with regulators, contribute to the development of securities market standards, and support both issuers and financial institutions. Our approach combines deep regulatory insight, strategic thinking, and an up-to-date understanding of market practice.
Alexander Borgoyakov
Partner, Advocate
Alexander Geda
Partner, Advocate, Solicitor (England & Wales)
Egor Chubov
Senior Associate
Regina Abdulgafarova
Associate, Advocate
Valeria Dzyubanova
Associate, Advocate
Dmitry Lisov
AssociateProject highlights
Syndicated loans
Advising:
- mandated lead arrangers and syndicate lendersin Russian-law syndicated loan transactions on, among other things, project, trade, and corporate finance facilities
- mandated lead arrangers and syndicate lendersin syndicated loan transactions under foreign law (including English, Singapore, and Hong Kong law), on both issuing new loans after 2022 and the restructuring and servicing of the pre-2022 debt of Russian and foreign borrowers
Syndicated loans
Advising:
- Russian and foreign borrowers of syndicated loan facilities structured under both Russian and foreign law, including new post-2022 financings and restructuring and debt servicing arrangements for pre-2022 obligations
- Russian and foreign investors on the acquisition (for subsequent restructuring and repayment) of Russian borrowers’ foreign debts that have become difficult or impossible to service due to post-2022 restrictions
Trade finance
Advising:
- Russian and foreign lenders and borrowers on trade finance transactions structured as loans under Russian or foreign law (including English, Singapore, and Hong Kong law), including both new financings in various currencies (such as RUB, CNY, and AED) and the restructuring and servicing of pre-2022 debt
Trade finance
Advising:
- Russian and foreign finance parties and debtors in complex bilateral and multilateral trade finance structures on, among other things, advance and deferred payment arrangements, repurchase obligations (commodity repo), commodity loans, barter structures, joint and several and secondary liability, and set-off mechanisms
Trade finance
Advising:
- Russian and foreign finance parties on funding arrangements for structured trade finance transactions, including via the issuance of structured notes and raising debt from independent investors
Structured Finance
Advising:
- Russian and foreign finance parties and debtors in trade finance transactions implemented through complex bilateral and multilateral commercial contracts, involving various mechanisms for creating financial and commercial indebtedness, including advance and deferred payment arrangements, repurchase obligations (commodity repo), commodity loans, barter structures, joint and several and secondary liability of debtors, as well as the set-off of mutual homogeneous claims
Structured Finance
Advising:
- Russian and foreign clients on arrangements for profit and risk sharing in joint trade projects (profit sharing agreements)
- Russian and foreign lenders and borrowers on restructuring long-term indebtedness that has become difficult or impossible to service due to external market disruption, including via refinancing, creditor/borrower side restructuring, and stockholding restructuring
Structured Finance
Advising:
- Russian and foreign investors on the acquisition (for subsequent restructuring and repayment) of Russian borrowers’ foreign debts that have become difficult or impossible to service due to post-2022 restrictions
- Russian finance parties and investment houses on the issuance of structured notes to create investment products and finance projects, taking into account current market practices shaped by the post-2022 global economic instability
- financial institutions on capital relief and balance sheet optimisation transactions involving various classes of assets
Acquisition finance
Advising:
- Russian and foreign investors (including investment funds) on structuring and implementing acquisition finance transactions for participation (shares/interests) in ship-owning companies holding tankers and LNG carriers, as well as on the acquisition of transport assets for joint ventures focused on the management and operation of such vessels, using option arrangements, trusts and other contractual instruments
- Russian and foreign investors and shipowners on financing projects for the acquisition of seagoing vessels
Financial restructuring
Advising:
- Russian and foreign lenders and borrowers on restructuring long-term debts that have become difficult or impossible to service due to adverse changes in the external economic environment, including refinancing solutions, creditor and borrower side restructuring, and stockholding restructuring
Financial restructuring
Advising::
- Russian and foreign investors on the acquisition (for subsequent restructuring and repayment) of Russian borrowers’ foreign debts that have become difficult or impossible to service due to post-2022 restrictions
- eurobond issuers on debt restructuring through obtaining consent to amend payment and redemption mechanics and through the issuance of substitute Russian bonds
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