The transaction was a loan participation notes structure with the notes having a 5-year tenor and bearing interest at 7.875 per cent per annum. The proceeds of the issue will be used to refinance the existing facilities of Ukrainian Railways, which is expected to improve its liquidity condition and rebalance its debt portfolio. Sayenko Kharenko’s team included partners Igor Lozenko and Nazar Chernyavsky, associates Oles Trachuk, Vladyslava Mitsai and Sofiia-Mariia Kuzminska, together with junior associate Oleksandr Motin.