Large-scale privatisation in Ukraine took a hit as a result of the COVID-19 pandemic and was temporarily suspended in March 2020 as a quarantine measure. On 4 February 2021, the draft law No. 4543, which unblocks the ability to hold large-scale privatisation auctions, passed the first reading in the Ukrainian parliament.

We are all accustomed to seeing change of control as a mandatory prepayment event, if not an event of default, under subscription line facilities. Even the strongest sponsors accept that a lender’s analysis of a transaction is based on the current management of the fund, such that any change in control should trigger at least the right to prepayment and cancellation. While there are often points for negotiation, this premise is almost universal.