AVELLUM ADVISES DTEK ON USD2 BILLION DEBT RESTRUCTURING

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AVELLUM ADVISES DTEK ON USD2 BILLION DEBT RESTRUCTURING

AVELLUM acted as the Ukrainian legal counsel to DTEK Group in connection with the debt restructuring under the two inter-conditional English schemes of arrangement for DTEK Energy B.V. and DTEK Finance PLC.

Under the restructuring terms approved by the High Court of Justice of England and Wales, part of the current debt under DTEK Energy B.V. notes was converted into DTEK Oil & Gas B.V. notes in the amount of USD425 million at a rate of 6.75% per annum with maturity on 31 December 2026. The remaining debt (the main part of the bank debt and the noteholders debt less the amount of the issue of DTEK Oil & Gas B.V. notes) was converted into new notes of DTEK Energy B.V. in the amount of USD1.65 billion at a rate of 7% per annum and maturity on 31 December 2027.

This is one of the largest corporate debt restructurings on the Ukrainian market to date with the approximately USD2 billion total volume of the new notes.

DTEK is the largest privately owned vertically-integrated energy company in Ukraine, with efficient enterprises that mine and prepare coal as well as operate on electric power generation and supply markets.

AVELLUM team working on this restructuring was led by senior partner Glib Bondar with support from senior associate Anastasiya Voronova and associate Anna Mykhalova.

Authors

GLIB BONDAR

Senior Partner

gbondar@avellum.com

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