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GLIB BONDAR

Senior Partner

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Glib Bondar is a Senior Partner of AVELLUM and the Head of Finance and Energy practices. Glib focuses on financings, capital markets and debt restructurings. Glib’s additional expertise spans over energy and infrastructure projects. 

The last 22 years of his legal practice Glib devoted to international financing and capital markets projects from Ukraine and was involved in many of the high profile and landmark cross-border lending, eurobond offerings and debt restructurings for Ukrainian sovereign/quasi-sovereign, municipal and corporate borrowers. He represented international and local clients, including major investment and commercial banks, financial institutions and corporates.

Prior to joining AVELLUM Glib was a partner at the Kyiv office of international law firm.

Chambers Europe

Top-ranked Glib Bondar is a market-leading practitioner with extensive experience in banking and finance matters. He brings to the table a broad range of expertise in financing, including sovereign debt, project financing and debt restructuring as well as capital markets work. Sources unanimously confirm his standing in the market, describing him as a “very experienced lawyer.”

DEBUT BOND ISSUE OF UKRAVTODOR AT THE INTERNATIONAL CAPITAL MARKETS WITH THE STATE GUARANTEE

700

Mln USD

AVELLUM acted as the Ukrainian legal counsel to the State Road Agency of Ukraine (“Ukravtodor”) and the Ministry of Finance of Ukraine in connection with the sovereign guarantee

EBRD LOAN TO COMMUNAL ENTERPRISE “KYIVSKIY METROPOLITAN” GUARANTEED BY THE KYIV CITY COUNCIL

50

Mln EUR

AVELLUM acted as the Ukrainian legal counsel to the European Bank for Reconstruction and Development

Get in touch

gbondar@avellum.com
+380 (44) 591 33 55

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  • EDUCATION AND BAR ADMISSION

      Master of Laws degree (with honors), 2000, Taras Shevchenko Kyiv National University, Ukraine

      LL.M. degree, 2001, Columbia Law School, USA

      Admitted to practice law in Ukraine

  • RECOGNITION

      Leading lawyer in Ukraine for Banking and Finance Chambers Global & Europe (2014 – 2022)

      Leading lawyer in Ukraine for Restructuring/Insolvency Chambers Europe (2016 – 2022)

      Market leader in Ukraine for Banking, Capital markets and Financial restructuring IFLR1000 (2014 – 2021)

      Leading lawyer in Ukraine for Banking and Finance and Capital Markets Legal 500 (2011 – 2022), The Legal 500 Hall of Fame

      Market leader in Ukraine for Energy and Infrastructure and Project Finance IFLR1000 2021

  • RECENT EXPERIENCE

      Acted as a Ukrainian law expert in five investment arbitrations related to expropriation of assets by the Russian Federation in Crimea with over USD1.2 billion in dispute

      Acted as the Ukrainian legal counsel to the Ministry of Finance of Ukraine in connection with a EUR200 million 15-year loan from the Italian Republic.

      Acted as the Ukrainian legal counsel to the Ministry of Finance of Ukraine in connection with a CAD450 million 10-year loan from Canada, disbursed through the IMF Administered Account for Ukraine.

      Acted as the Ukrainian legal counsel to the Ministry of Finance of Ukraine, (ii) Private Joint Stock Company “National Power Company “Ukrenergo” (“Ukrenergo”), and (iii) the State Road Agency of Ukraine (“Ukravtodor”) in connection with their consent solicitations announced in July 2022.

      Acted as the Ukrainian legal counsel to the Ministry of Finance of Ukraine in connection with a EUR300 million and a 15-year credit facility from the French Development Agency as lender – to finance the general purposes of the state budget of Ukraine in order to maintain essential social public services

      Acted as the Ukrainian legal counsel to the Ministry of Finance of Ukraine in connection with a CAD500 million and a 10-year loan from Canada (represented by the Minister of Finance) as lender with Export Development Canada as administrative agent – to be used in a manner consistent with macroeconomic parameters and policy commitments made by Ukraine under its current IMF Program or subsequent IMF programs

      Acted as the Ukrainian legal counsel to the Ministry of Finance of Ukraine in connection with a USD500 million tap issue of Ukraine’s 6.876% notes due 2029, which were issued earlier this year. The total outstanding principal amount of the notes after the increase is USD1.75 billion

      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

      Acted as the Ukrainian legal counsel to the Ministry of Finance of Ukraine in connection with two loan agreements for a total amount of EUR116 million together constituting official financial support from France to Ukraine aimed at strengthening maritime safety and security of Ukraine

      Acted as the Ukrainian legal counsel to the Ministry of Finance of Ukraine in connection with a USD1.25 billion notes issue with an 8-year maturity priced at 6.875% annual yield. This was the first issue of Ukraine’s Eurobonds admitted to listing on the London Stock Exchange

      Acted as the Ukrainian legal counsel to the Ministry of Finance of Ukraine on USD600 million tap issue of Ukraine’s outstanding USD2 billion 7.253% notes due 2033

      Acted as the Ukrainian legal counsel to the Ministry of Finance of Ukraine in connection with an open market repurchase of Ukraine’s outstanding GDP-linked warrants funded through a tap issue of sovereign Eurobonds; and a new macro-financial assistance (MFA) programme from the European Union

      Acted as the Ukrainian legal counsel to the Ministry of Finance of Ukraine on the issuance by Ukraine of its new USD2 billion 7.253% senior notes due 2033

      Acted as the Ukrainian legal counsel to the Ministry of Finance of Ukraine on the second breakthrough issuance of EUR1,25 bln Ukraine’s euro-denominated notes

      Acted as the Ukrainian legal counsel to the Ministry of Finance of Ukraine on the issue by Ukraine of EUR1 billion notes with a 7-year tenor, which marks the first euro-denominated offering Ukraine has made in almost 15 years

      Advised 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

      Advised Joint Stock Company “The State Export-Import Bank of Ukraine (“Ukreximbank”) as borrower and Goldman Sachs International as dealer manager on USD316 million cash tender offer

      Advised Metinvest Group on the successful refinancing of its USD2,271 million debt consisting of USD1,592 million issue of new eurobonds and the amendment and restatement of its pre-export finance facility allowing to secure USD765 million in the PXF facility

      Acted as a Ukrainian law counsel to the bondholder group composed of holders of guaranteed notes issued by Metinvest B.V., a holding company of a leading Ukrainian and international steel producer and exporter, in connection with the restructuring of USD2.3 billion of debt under its guaranteed notes and pre-export finance loan facilities

      Acted as a Ukrainian law counsel to the bondholder group composed of holders of senior notes (the “Notes”) issued by DTEK Finance plc in connection with the long-term restructuring of the Notes as part of the long-term restructuring of the debts of the DTEK Energy group. The restructuring of the Notes was implemented through an English scheme of arrangement approved by the High Court of Justice of England and Wales. According to the terms of the restructuring sanctioned by the court, two existing issues of USD750 million notes and USD160 million notes due in 2018, as well as certain other liabilities of DTEK Group were exchanged for a single new issue of the Notes due in 2024 with a coupon of 10.75% per annum

      Advised the City of Kyiv on Ukrainian law matters in connection with the exchange offer of USD250 million 8% 2015 Notes for new sovereign securities and GDP-linked securities and the exchange offer and consent solicitation of USD300 million 9.375% 2016 Notes for new sovereign securities and GDP-linked securities

      Advised the National Power Company “Ukrenergo” on its debut USD 825 million issuance of 6.875% sustainability-linked notes guaranteed by Ukraine. The issue represents the first Green and Sustainability-linked instrument from a Ukrainian issuer

      Advised (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.

      Advised Interpipe Holdings Plc on USD300 million issue of 8.375% guaranteed notes due 2026. The notes were admitted to listing on the Luxembourg Stock Exchange

      Advised Kernel Holding S.A. on USD300 million offering of 6.75% guaranteed notes due 2027 combined with a tender offer for the notes maturing in January 2022

      Advised Metinvest B.V. on issuance of USD333 million, 7-year 7.65% notes due in 2027; and cash tender offers on its USD118 million 7.50% senior notes due 2021, of which USD115,309,027.07 were then outstanding, and USD944.5 million 7.75% senior notes due 2023, of which USD504,515,000.00 were then outstanding, with a concurrent consent solicitation in respect of the 2021 bonds to include the issuer’s call option

      Advised JP Morgan Securities Plc, Raiffeisen Bank International, Dragon Capital, and ICBC Standard Bank as joint lead managers on Vodafone Ukraine’s Eurobond offering of USD500 million 5-year 6.2% loan participation notes

      Advised DTEK Renewables on a debut EUR325 million 5-year 8.50% green Eurobond offering

      Advised Citigroup Global Markets Limited as lead manager in connection with an offering by Naftogaz of Ukraine of USD500 million 7.625% loan participation notes due 2026

      Advised Kernel Holding S.A. in connection with an offering of USD300 million 6.5% guaranteed notes due 2024

      Acted as the Ukrainian legal counsel to Metinvest B.V. on (i) dual-currency Eurobond issue, including a USD500 million 10-year tranche at 7.75% per annum and a EUR300 million 5-year tranche at 5.625% per annum and (ii) a tender offer for the USD944,5 million Eurobonds due in 2023 to purchase for cash up to USD440 million of the paper

      Advised MHP Lux S.A. on USD350 million offering of 6.250% notes due 2029

      Advised the joint lead managers, Citigroup Global Markets Limited and Deutsche Bank AG, London Branch, with respect to 7.125% EUR600 million and 7.375% USD335 million Eurobond offering of Naftogaz of Ukraine

      Advised the joint lead managers with respect to UAH4.051 billion Eurobond offering by Joint Stock Company “The State Export-Import Bank of Ukraine (“Ukreximbank”). The transaction was structured as an offering of UAH4.051 billion, 16.5% loan participation notes due in 2021

      Advised MHP on USD550 million, 8 year, 6.95% Eurobond issue with the benefit of the guarantees from its Ukrainian subsidiaries

      Advised Kernel Holding S.A. in connection with an offering of its USD500 million 8.75% guaranteed notes due 2022

      Advised MHP S.A. on the benchmarck USD500 million, 7 year, 7.75% Eurobond issue with the benefit of the guarantees from its Ukrainian subsidiaries

      Advised Noteholders’ Committee of Mriya Agro Holding plc (representing majority of USD470 million notes issued by Mriya Agro Holding) in connection with restructuring of Mriya Agro Holding debt

      Advised large Ukrainian industrial group on tax and legal aspects of restructuring of its Crimean business operations upon occupation of Crimea by Russian Federation

      Advised Asamer Holding AG, a major Austrian producer of building materials, in the restructuring of the group’s external debt and corporate restructuring of part of the group

      Advised Interpipe, the leading producer of steel pipes in Eastern and Central Europe, in connection with the restructuring of its USD887 million credit portfolio

Related materials

News

IFLR1000 RANKS AVELLUM AS LEADING UKRAINIAN CORPORATE FINANCE LAW FIRM FOR 7 YEARS IN A ROW

IFLR1000 attributes AVELLUM’s work in banking and finance, M&A, and capital markets to Tier 1, and our project development work to Tier 3.

Posted on July 13, 2022
The recently released 2021 edition of IFLR1000 ranks AVELLUM’s corporate and finance practices among the best in Ukraine for 7 consecutive years. IFLR1000 attributes AVELLUM’s work in banking and finance, M&A, and capital markets to the highest Tier 1, and our project development work to Tier 3. IFLR1000 traditionally recognises all corporate finance partners of AVELLUM, as well as other lawyers across multiple practice areas: Glib Bondar, senior partner: a market leader in banking and finance, capital markets, energy and infrastructure, financial restructuring, project finance Yuriy Nechayev, partner, and Mykola Stetsenko, managing partner, among the most highly regarded experts in M&A Maksym Maksymenko, counsel, goes up to a highly regarded expert in project development The IFLR1000 is a reputable guide to the world's leading financial and corporate law firms and lawyers, which covers over 170 jurisdictions worldwide. The IFLR1000 rankings are based on three key criteria: transactional evidence, peer and client feedback.

News

AVELLUM ADVISES ON OVER USD1.5 BILLION OF UKRAINE’S SOVEREIGN FINANCINGS

AVELLUM advised the Ministry of Finance of Ukraine on an open market repurchase of Ukraine’s outstanding GDP-linked warrants funded through a tap issue of sovereign Eurobonds and a new macro-financial assistance programme from the European Union.

Posted on July 13, 2022
AVELLUM acted as the Ukrainian legal counsel to the Ministry of Finance of Ukraine in connection with: an open market repurchase of Ukraine’s outstanding GDP-linked warrants funded through a tap issue of sovereign Eurobonds; and a new macro-financial assistance (MFA) programme from the European Union. The goal of the repurchase was to proactively tackle potential liabilities under Ukraine’s GDP-linked warrants issued in the course of its sovereign debt restructuring in 2015. Ukraine tapped its USD1.36 billion 7.75% notes due 2020 to effect settlements in relation to the purchased warrants. The tap notes principal amounted to USD328.79 million and both the original notes and the tap notes were redeemed in full on 1 September 2020. The MFA negotiated by Ukraine with the EU in parallel is aimed at helping to overcome economic ramifications of the Covid-19 pandemic. To that end, the programme includes a total of EUR1.2 billion financing. The funds will be disbursed in two EUR600 million tranches, the first of which will be granted after the related loan agreement and the memorandum of understanding take formal effect. On 25 August 2020, the Parliament of Ukraine passed the ratification law required to complete effectiveness formalities. “The proactive debt management strategy implemented by the Ministry of Finance is important to secure macro-financial stability of Ukraine in these uncertain times,” senior partner Glib Bondar commented. “We were pleased that our strong capabilities in both bond and loan financing helped the Ministry to successfully execute these two transactions at practically the same time.” The AVELLUM team was led by senior partner Glib Bondar with support from associates Oleg Krainskyi, Mariana Veremchuk, and Mykola Falko.

News

AVELLUM ADVISES ON UKRAINE’S USD2 BILLION SENIOR NOTES ISSUE AND SWITCH TENDER OFFER

AVELLUM acted as the Ukrainian legal counsel to the Ministry of Finance of Ukraine on the issuance by Ukraine of its new USD2 billion 7.253% senior notes due 2033.

Posted on July 13, 2022
AVELLUM acted as the Ukrainian legal counsel to the Ministry of Finance of Ukraine on the issuance by Ukraine of its new USD2 billion 7.253% senior notes due 2033 (“New Eurobonds”). The new issuance was combined with Ukraine’s first ever switch tender offer in relation to its outstanding USD-denominated 7.75% senior notes due 2021 and USD-denominated 7.75% senior notes due 2022. The New Eurobonds were admitted to trading on the regulated market of Euronext Dublin. Net proceeds received by the state budget amounted to approximately USD1.1 billion. The New Eurobonds have the 12-year maturity, which is the longest one since the landmark 15-year instrument issued by Ukraine back in 2017. Together with proactive management of the upcoming maturities through the switch tender offer process, this allowed to even out Ukraine’s public debt servicing schedule, as well as reduce the related expenses. The AVELLUM team was led by senior partner Glib Bondar with significant support from associates Oleg Krainskyi, Mariana Veremchuk and Mykola Falko. Partner Vadim Medvedev, senior associate Anton Zaderyholova and associate Oles Bidnoshyia provided tax support.

News

AVELLUM IS HIGHLY RANKED IN 21 PRACTICES BY UKRAINIAN LAW FIRMS 2020

AVELLUM’s recognition in 2020 now extends to 21 researched practices, in 6 of them AVELLUM leads the market. 8 lawyers of AVELLUM were listed as leading individuals or notable practitioners.

Posted on July 13, 2022
Traditionally strong position of AVELLUM in the Ukrainian legal market was reconfirmed by the 2020 edition of the Ukrainian Law Firms. A Handbook for Foreign Clients by Yuridicheskaya Praktika. AVELLUM’s recognition in 2020 now extends to 21 researched practices, in 6 of them AVELLUM leads the market. AVELLUM is a leading firm in Ukraine in: Agribusiness (#1) Banking and Finance, Debt Restructuring (#1) Capital Markets (#1) Corporate and M&A (#1) International Trade: Commodities (#1) Private Clients: Wealth Management (#1) International Arbitration Real Estate, Construction, Land Tax: Consulting Tax: Litigation AVELLUM’s Antitrust and Competition, Domestic and Cross Border Litigation, Energy and Natural Resources, Family Law, Infrastructure, Intellectual Property, IT, Labour and Employment, Telecommunications and Media, Transfer Pricing, and Transport: Shipping are recognised as the established practices in the Ukrainian market. All partners of AVELLUM were recognised as leading individuals in their practices: Glib Bondar — leads the ranking in Banking and Finance for 5 years in a row. Glib is named the market leader in Debt Restructuring and Capital markets Mykola Stetsenko — on top of the ranking in Corporate and M&A for 6 consecutive years Vadim Medvedev — a TOP 5 lawyer in Tax: Consulting Yuriy Nechayev — a TOP 5 lawyer in Corporate and M&A A number of our lawyers were listed as notable practitioners: Vadim Medvedev, partner — Domestic litigation, Tax: Litigation, Transfer Pricing, Wealth Management Mykola Stetsenko, managing partner, and Maksym Maksymenko, counsel — Real Estate, Construction, Land Yaroslav Medvediev, of counsel — Antitrust and Competition Anton Polikarpov, counsel — Intellectual Property Andriy Romanchuk, counsel — Corporate and M&A Congratulations to our colleagues from AGA Partners who share the Ukrainian Law Firms recognition with us in Agribusiness, Family law, International trade: Commodities, International Arbitration, Maritime and Shipping practices. Ukrainian Law Firms. A Handbook for Foreign Clients publication annually presents the key sectors of Ukrainian law and leading law firms operating in the Ukrainian market.

News

AVELLUM ADVISES EBRD ON EUR52.5 MILLION LOAN FACILITY TO ONE OF LARGEST SHOPPING MALLS IN ODESA

The loan proceeds provided by the EBRD will be used for the expansion of the shopping mall’s lease area as well as for the financial restructuring of the NBP’s balance sheet.

Posted on July 13, 2022
AVELLUM acted as the Ukrainian legal counsel to the European Bank for Reconstruction and Development (“EBRD”) in connection with a long term secured loan to Limited Liability Company “Novi Biznes Poglyady” (“NBP”) in the total amount of up to EUR52.5 million. NBP is a special project company, which owns and operates Riviera Shopping City, a shopping mall located in Odesa region. The loan proceeds provided by the EBRD will be used for the expansion of the shopping mall’s lease area, as well as for the financial restructuring of the NBP’s balance sheet. The EBRD is the leading international financial investor in Ukraine. Since the start of its operations in the country in 1993, the EBRD has made a cumulative commitment of almost EUR14.5 billion across some 460 projects in Ukraine. The AVELLUM team was led by senior partner Glib Bondar with support from counsel Maksym Maksymenko, senior associate Tetiana Mykhailenko, associates Oleg Krainskyi, Anastasiia Zhebel, Daryna Mykhailenko, Mariana Veremchuk, Dmytro Radzivon, and Andriy Kornuta.

News

AVELLUM ADVISES BSTDB ON SECURED LOAN TO PROMETEY GROUP

AVELLUM advised Black Sea Trade and Development Bank in connection with a long-term secured loan to LLC “Butsefal” and Prometey Swiss SA in the total amount of up to USD10 million.

Posted on July 13, 2022
AVELLUM acted as the Ukrainian legal counsel to the Black Sea Trade and Development Bank (“BSTDB”) in connection with a long-term secured loan to Limited Liability Company “Butsefal” and Prometey Swiss SA in the total amount of up to USD10 million. Part of the loan proceeds were used for the acquisition of a new silo in Mykolaiv region (“Mykolaiv Silo”), which has the total storage capacity of up to 62 thousand tonnes and is the first steel silo in the portfolio of Prometey group. The remaining loan proceeds are intended for the acquisition of another silo and general replenishment of working capital. The provided loan will allow Prometey group to strengthen its ranking position on the list of Ukrainian storage capacity leaders. Prometey group is operating on the grain market of Ukraine for more than 20 years, providing services for bying, storing and processing grain and oilseeds, as well as the ancillary logistics. With the acquisition of Mykolaiv Silo, the number of silos owned by Prometey group increased to 24 silos, having the total storage capacity of over 1.2 million tonnes. BSTDB is an international financial institution established by eleven countries in the Black Sea region. BSTDB has signed over 44 operations in Ukraine, having cumulatively disbursed EUR658 million. Support to agribusiness is one of BSTDB’s key priorities in Ukraine largely contributing to economic growth and state revenues. AVELLUM team was led by senior partner Glib Bondar with support from counsel Maksym Maksymenko, senior associate Tetiana Mykhailenko, associates Anastasiia Zhebel, Daryna Mykhailenko, Dmytro Radzivon, and Mariana Veremchuk.

Partner

YURIY NECHAYEV

Yuriy Nechayev is a Partner at AVELLUM’s corporate practice with the primary focus on corporate law, mergers and acquisitions and private equity.

Partner

VADIM MEDVEDEV

Vadim Medvedev is a Partner with AVELLUM's Tax and Litigation practices.

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