Banking & Finance

Kosta Legal advises international lenders, borrowers, sponsors and financial institutions on complex financing and capital markets transactions in Uzbekistan.

Our Banking and Finance practice advises on domestic and cross-border financing transactions across a broad range of products. We act on bilateral and syndicated lending, corporate and acquisition finance, asset finance, financial leasing, trade and export finance, ECA-backed facilities and Islamic finance.

We have extensive experience in debt capital markets, including Eurobond and other debt offerings, regulatory capital instruments and AT1 issuances. We also advise on project financings in the power, renewable energy, transport and wider infrastructure sectors, acting for lenders, sponsors and project companies.

Our work covers transaction structuring, term sheets, finance and security documentation, regulatory approvals, conditions precedent, legal opinions, signing and closing, as well as refinancings, restructurings and amendments to existing facilities.

Capabilities

·         Bilateral and syndicated lending

·         Corporate and acquisition finance

·         Project finance

·         Trade and export finance

·         ECA-backed financing

·         Islamic finance

·         Debt capital markets and Eurobond offerings

·         Regulatory capital and AT1 issuances

·         Security packages and guarantees

·         Banking regulation

Selected Experience

The National Investment Fund of the Republic of Uzbekistan in connection with the over USD 690 million initial public offering (IPO) of UzNIF, involving a dual listing on the Tashkent Republican Stock Exchange and the London Stock Exchange.

The Ministry of Investment, Industry and Trade of the Republic of Uzbekistan and the International Finance Corporation (IFC) on the development and drafting of the Law on Alternative Investment Funds.

Masdar (UAE) on the financing and financial close of the 300 MW Guzar solar power plant and 75 MWh battery energy storage system project in the Kashkadarya region of Uzbekistan.

Multiple international lenders on the preparation and negotiation of project and finance documentation for the design, construction, financing, operation and maintenance of the Tashkent New Gateway International Airport, being developed by Vision Invest and Sojitz Corporation.

The Ministry of Economy and Finance of the Republic of Uzbekistan on Uzbekistan’s USD 1 billion local currency sovereign bond issuance.

Syndicate of international lenders, comprising Abu Dhabi Commercial Bank, National Bank of Oman, Al Ahli Bank of Kuwait, Standard Chartered Bank, Commercial Bank of Dubai, Mashreqbank, KfW IPEX-Bank and other regional and international financial institutions, on dual-currency term loan facilities in an aggregate amount equivalent to USD 300 million provided to JSC Asakabank.

Uzbek Industrial and Construction Bank JSCB on its USD 300 million Additional Tier 1 Eurobond issuance and listing on the London Stock Exchange—the first AT1 issuance by a commercial bank in Central Asia.

Syndicate of international lenders, comprising Commercial Bank of Dubai, First Abu Dhabi Bank, Mashreqbank and Qatar National Bank, on a USD 250 million financing provided to Agrobank.

Asian Infrastructure Investment Bank (AIIB) on an unsecured CNY-denominated loan facility equivalent to USD 100 million provided to Uzbektelecom JSC.

Sumitomo Mitsui Banking Corporation (Japan) and SACE (Italy) on a SACE-backed, Sharia-compliant USD 200 million export credit facility for the 1.5 GW Kungrad Wind project in Uzbekistan, sponsored by ACWA Power.