Oleg Khokhlov

Partner, Head of Banking and Finance (Russia), Moscow Israeli Desk

Oleg is a highly regarded Russian-qualified lawyer whose experience covers a broad range of finance and banking work. He specialises in secured and unsecured lending transactions, where he has advised across a number of sectors including banking, telecommunications and energy. In addition, Oleg also has proven experience in restructuring, asset finance and venture capital deals.

Oleg also advises leading banks and corporates on international sanctions and compliance / internal investigations.

Oleg Khokhlov was selected by peers for inclusion in The Best Lawyers in Russia 2013-2022 Editions in the field of Banking & Finance Law. He has also been highly recommended for Banking & Finance by IFLR1000 and The Legal 500.

Some recent projects Oleg Khokhlov has been involved in:

Financial and bank deals:

  • Advised a leading renewable energy developer on a RUB 5.7 bn issue of debut green bonds by a special financing vehicle RuSol 1. Proceeds from the issue will be partly used for refinancing existing facilities granted to develop two solar power plants with a total installed capacity of 30 MW. The deal is secured by payments under capacity supply agreements with project companies operating two solar plants in the Astrakhan Region.

  • Advising Sberbank Investments on circa USD 75 m facilities for recapitalisation of infrastructure and IT investments of Baring Vostok funds. 

  • Advising Gett on its USD 100 m financing from Sberbank, as well as on some subsequent financing rounds.

  • Advised Russian Direct Investment Fund (as lender) on granting a loan to one of the leading Russian oil equipment producers. BCLP team conducted a due diligence check of the borrower and the guarantor; prepared and negotiated the Loan agreement and the Suretyship agreement. 

  • Advising Genser Group and their restructuring agent Sberbank Investment on complex restructuring of all external financial indebtedness of the Genser Group worth RUB 12 bn provided by the following banks: Sberbank, VTB, Promsvyazbank, Svyazbank, Bank Soyuz, Moscow Credit Bank, Bank Rossiyskiy Capital and Belgorodsotsbank.

  • Advising Eurasian Development Bank and Vnesheconombank on a USD 770 mln multicurrency loan facility to Ekibastuz GRES-2. 

  • Advising a major Chinese development bank on allocating a USD 1.43 bn facility for financing a RUSAL Taishet Ltd. aluminum plant.

  • Participated on the Association of Regional Banks “Rossiya” (“ASROS”) committee for developing a legal framework and preparing standard documentation for syndicated lending under Russian law.

  • Advising the China Development Bank Corporation on several finance transactions in Russia totalling USD 2.5 bn.

  • Advising the mandated lead arrangers of a USD 2 bn syndicated loan facility for Sberbank of Russia.

  • Advising the mandated lead arrangers of a USD 470 m syndicated loan facility for VimpelCom Ltd.

  • Advising the mandated lead arrangers of a USD 1.33 bn syndicated loan facility for Mobile TeleSystems.

  • Advising Goldman Sachs on a series of margin loans.

  • Advising OAO INTER RAO UES on raising a RUR 9.6bn convertible loan from the EBRD.

Project finance and investment into infrastructure:

  • Advised Sberbank Investments on mezzanine financing provided to Ultramar Terminal for a project to construct an industrial and logistics centre for storing and transhipping mineral fertilisers and general cargo on Ust-Luga Bay, as well as on further equity investment by a new project sponsor. Our mandate also included advice on financing Sberbank provided for this project.

  • Acted for the Far East and Baikal Region Development Fund on a RUB 2 bn secured loan for construction of a new terminal at Khabarovsk International Airport servicing domestic flights and the airport infrastructure.

  • Advised a syndicate of the Eurasian Development Bank (EDB) and International Investment Bank (IIB) on a RUB 8.25 bn project finance transaction for construction of two hydro-power plants with a total capacity of 49.8 MW in the Republic of Karelia (Russia).

  • Advising Sheremetyevo International Airport on restructuring a USD 222 m syndicated loan arranged by international and Russian banks.

  • Advising South Stream Transport B.V. on financial matters.

  • Advising BNP Paribas in connection with EUR 467 m financing of satellites launch and operation for Gazprom Space Systems with support of COFACE (French export agency).

Venture capital and funds:

  • Advising a major Russian corporate on participation in the Cayman Islands incorporated IT venture fund.

  • Advising a major Russian corporate on participation in the Cayman Islands incorporated Biomedical venture fund. 

  • Advising major Russian corporate on participation in the IPO of Irish-based biomedical company.

Investment banks and brokers:

  • Advising Lehman Brother receivers on Russian transactions and counterparties. 

  • Advising VTB Austria on guarantee arrangements within the cross-border derivative transaction with a major Russian mining and steel company.

  • Advising an international investment bank on internal investigation requested by regulators in three jurisdictions.

  • Advising an international investment bank on interactions with the Central Bank of Russia.

  • Advising a Swiss bank on investment and brokerage services to Russian clients.

  • Advising Gazprombank on structuring a closed-end real estate unit investment fund. 

  • Advising a number of international FX-brokers on operations in Russia.

  • Advising Russian and international investment banks on sanctions issues.

  • Advising banks and professional securities traders on Bank of Russia and the Federal Commission for Securities Market  regulations.

Sanction issues:

  • Advising Vnesheconombank on sanctions issues
  • Advising Rosselkhozbank on sanctions issues

  • Advising a number of Russian and international industrial, financial and IT companies on sanctions issues

Restructuring / insolvency / bail-outs:

  • Acting for Sberbank Investments as lender under a loan to a major leasing company for refinancing of its existing loans.
  • Advising the European Bank for Reconstruction and Development (EBRD) on its finance projects in Russia, including restructuring a USD 30 m convertible loan to Prognoz Group, a major international software vendor, including debt-to-equity swap arrangements, as well as on contentious matters involving filing for and managing bankruptcies of Russian asset companies within the Prognoz Group, and restructuring a more than USD 100 m loan to Basis Leasing.

  • Advising PwC as administrator of Lehman Brothers International Europe (in administration) on the Russian law bankruptcy issues.

  • Advising Vnesheconombank on a series of emergency refinancings of international debts for major Russian corporates.

  • Advising major US and Swiss investment banks on restructuring of a secured facility involving debt to notes swap.

  • Advising a major French bank on restructuring its secured financing to a major Russian agricultural company.

Aircraft finance:

  • Advising ICBC International Leasing on delivery of six new Airbus A321 aircraft to Aeroflot airline.

  • Advising the Export-Import Bank of China (CEXIM) on refinancing of a major Chinese lessor’s acquisition of two A320 aircraft on lease to a Russian airline.

  • Advised CityJet on delivery of new generation jet from Sukhoi including negotiating a framework agreement for delivery of 15 firm and 16 optional aircraft, leasing documentation and engine and airframe support services agreements. The contract value amounted to over USD 1 bn, including options and aftersales services.

  • Advised Montrose Global in relation to purchase of a Bombardier Q400 aircraft from a Russian leasing company and subsequent assignment of a lease agreement in respect of the aircraft between the leasing company and JamboJet, a Kenyan low-cost airline.

  • Advised Bombardier on a finance leasing of 15 Bombardier CRJ aircraft to Utair Aviation JSC.

  • Advising a major aircraft engine manufacturer on leasing of aircraft engines in Russia.

  • Advising a major US investment bank on a series of aircraft asset finance deals.

  • Advising major Russian state bank on financing of aircraft supplies to the Asian airline.