November 22, 2013 - Assignment

Russian Real Estate Investment Company completes bond loan restructuring

Russian Real Estate Investment Company AB (RURIC) completed a debt-to-equity restructuring of a SEK 620 million bond loan on 22 November 2013. The group of bondholders included, among others, Alecta, Proventus and Alpcot. The restructuring, which entailed the transfer of ownership to the bondholders in three business centers in St. Petersburg and a set-off share issue corresponding to 20 per cent of the share capital in RURIC, involved a number of legal issues for which there was no precedent on the Swedish bond market.

The majority bondholders were represented by Mannheimer Swartling in the transaction, with CorpNordic acting as agent for the bond loan.

Mannheimer Swartling’s team included Thomas Pettersson and Åsa Hansdotter, assisted primarily by Rasmus Fahlén, Viktor Leisnert and Christian Hallberg. Anna Sukharina and Fredrik Svensson, assisted primarily by Marina Tsurkan-Schubert, Alexey Rotar, Svetlana Eliseeva and Polina Ferisidi, advised on Russian aspects of the matter.