AVELLUM advises Vodafone Ukraine on successful Eurobonds consent solicitation

AVELLUM acted as Ukrainian legal counsel to Private Joint Stock Company “VF Ukraine” (“Vodafone Ukraine”) in connection with the successful consent solicitation in relation to its USD500 million 6.20% loan participation notes due 2025 (“Notes”). Vodafone Ukraine is a leading Ukrainian telecommunications company.

The consent solicitation proposal of Vodafone Ukraine achieved strong support from the noteholders representing over 95% of the principal amount of the Notes. The amended terms of the Notes provided for:

• the extension of the maturity of the Notes for two years;
• the increased coupon rate;
• the redemption of principal under the Notes totalling USD99.88 million; and
• granting the noteholders the put option that can be exercised upon changes or removal of the applicable Ukrainian currency control restrictions currently prohibiting further prepayments under the Notes.

Senior partner Glib Bondar led the AVELLUM team with support from managing associate Mariana Pylypenko, of-counsel Yurii Krasnoliudskyi, associates Andrii Kroshko, and Elina Kryhan.