AVELLUM ADVISES ON UKRAVTODOR’S DEBUT USD700 MILLION EUROBOND ISSUE GUARANTEED BY UKRAINE

AVELLUM acted as the Ukrainian legal counsel to (і) the State Road Agency of Ukraine (“Ukravtodor”) on a debut USD700 million issue of 6.25% guaranteed notes due 2028 with a benefit of the sovereign guarantee, and (ii) the Ministry of Finance of Ukraine in connection with the sovereign guarantee. The notes were admitted to listing on the London Stock Exchange.

JP Morgan and Dragon Capital acted as joint bookrunners and joint lead managers, and JSC Ukreximbank as co-manager of the Eurobond issue.

Priced at 6.25 per cent, Ukravtodor has received one of the lowest coupon rates among all issues of Ukrainian sovereign and quasi-sovereign Eurobonds denominated in US dollars in the history of Ukraine’s independence. The proceeds of the issue will be used to upgrade the road infrastructure in Ukraine within the Great Construction governmental programme.

“We were privileged to assist both Ukravtodor and the Ministry of Finance of Ukraine on this challenging transaction. This is a truly landmark transaction due to the speed of execution, pricing, and certain innovative structuring features. I am confident that this transaction will have a powerful social and economic impact on improving Ukrainian road infrastructure in the near future.” – said Glib Bondar, senior partner of AVELLUM.

AVELLUM team was led by senior partner Glib Bondar with significant support from senior associate Anastasiya Voronova and associates Oleg Krainskyi, Anna Mykhalova, Mariana Veremchuk, and Yaroslav Pavliuk. Partner Vadim Medvedev, senior associate Anton Zaderyholovа, and associate Oles Bidnoshyia provided support on tax matters of the transaction.