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MARIANA VEREMCHUK

Associate

Information

Mariana Veremchuk – Associate at AVELLUM’s finance practice. Mariana is regularly involved in advising both Ukrainian and international clients on matters relating to lending, capital markets transactions and debt restructurings.

Before joining AVELLUM Marianna was an intern at Citibank Ukraine.

Get in touch

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

Related practices

  • EDUCATION AND BAR ADMISSION

      Master of International Law degree, 2022, the Institute of International Relations of Taras Shevchenko National University of Kyiv

  • RECENT EXPERIENCE

      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 I MF 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.

      Advised J.P. Morgan as the solicitation agent on a consent solicitation related to the outstanding USD 500 million 6.20% loan participation notes due 2025 issued by VFU Funding plc.

      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

      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

      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 (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 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

      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 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 the Ministry of Finance of Ukraine on USD600 million tap issue of Ukraine’s outstanding USD2 billion 7.253% notes due 2033

      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 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

      Advised the Ministry of Finance of Ukraine on the issuance by Ukraine of its new USD2 billion 7.253% senior notes due 2033

      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 Interpipe on both loan and capital market instruments in the course of the general USD1.25 bln debt restructuring, as well as advised on the parallel working capital facility restructurings

      Advised the Ministry of Finance of Ukraine on milestone issue by Ukraine of EUR1 billion notes with a 7-year tenor, marking the first euro-denominated offering Ukraine has made in almost 15 yearsAdvised MHP Lux S.A. on USD350 million offering of 6.250% notes due 2029

      Advised MHP Lux S.A. on USD350 million offering of 6.250% notes due 2029. The transaction was structured as an offering of the Notes guaranteed on a senior basis by MHP SE and certain of its Ukrainian and Cypriot subsidiarie

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

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

      Advised J.P. Morgan Securities and Morgan Stanley in connection with USD100 million Tier 2 Eurobond offering by the State Export-Import Bank of Ukraine (“Ukreximbank”)

      Advised DTEK Renewables B.V on the issue of senior notes by DTEK Renewables Finance B.V. guaranteed by its parent DTEK Renewables B.V. as well as by SOLAR FARM-3 LLC and ORLOVKA WEP LLC, which are both subsidiaries of DTEK Renewables B.V

      Advised the Ministry of Finance of Ukraine on the EUR1.25 bln breakthrough issuance of Ukraine’s euro-denominated notes

      Advised 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

      Advised EBRD in connection with up to a EUR50 mln loan to Communal Enterprise “Kyivskiy Metropolitan” guaranteed by the Kyiv City Council

      Advised the Ministry of Finance of Ukraine on a bilateral loan in the amount of EUR250 million from Cargill Financial Services International. The transaction marked the first recent bilateral loan to finance the state budget from a private investor

      Advised BSTDB in respect of provision of a EUR 30 million loan to a leading Ukrainian Ukrgasbank to promote financing for environmentally friendly projects, including energy efficiency and renewable energy projects

      Advised the Ministry of Finance of Ukraine on the fifth macro-financial assistance programme from the European Union

      Advised J.P. Morgan Securities Plc and Raiffeisen Bank International AG as arrangers on USD464 million bridge loan financing for Bakcell’s acquisition of Private Joint Stock Company "Vodafone Ukraine"

      Advised EBRD in connection with a long term secured loan to Limited Liability Company “Novi Biznes Poglyady” in the total amount of up to EUR52.5 million

      Advised the Black Sea Trade and Development Bank 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

      Advised on regulatory matters on additional agreement to a power purchase agreement circulated by State Company “Guaranteed Buyer” to the producers from the renewable energy sources in January 2021

Related materials

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 September 12, 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 September 12, 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 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 September 12, 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 September 12, 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.

News

AVELLUM ADVISES ON UKRAINE’S NEW BENCHMARK EURO-DENOMINATED NOTES

Ukraine raised EUR1.25 bn at a record low coupon of 4.375%. This deal followed the EUR1 bn 6.75% issuance Ukraine made in July 2019, which was the country’s first Euro offering in over a decade.

Posted on September 12, 2022
AVELLUM acted as the Ukrainian legal counsel to the Ministry of Finance of Ukraine on the second breakthrough issuance of Ukraine’s euro-denominated notes. Ukraine raised EUR1,250,000,000 at a record low coupon of 4.375%. The new notes mature in 10 years. This deal followed the EUR1,000,000,000 6.75% issuance Ukraine made in July 2019, which was the country’s first Euro offering in over a decade. “We are pleased to support the Ministry of Finance in building up of its success story at the Euro markets”, senior partner Glib Bondar commented, “The confident public debt management strategy the Ministry is pursuing is one of the pillars behind Ukraine’s steady macroeconomic performance. It is a privilege to see our work contributing to that process.” The AVELLUM team was led by senior partner Glib Bondar with support from associates Oleg Krainskyi, Mykola Falko, Mariana Veremchuk, Andriy Kornuta, and Vladyslav Heivandov.

News

AVELLUM ADVISES JOINT LEAD MANAGERS ON USD100 MILLION TIER 2 EUROBOND OFFERING BY UKREXIMBANK

The transaction was structured as the issue of USD100 million 9.95% per annum 10-year loan participation notes (with resettable coupon on the fifth anniversary of issuance) for the sole purpose of funding a subordinated loan to Ukreximbank.

Posted on September 12, 2022
AVELLUM acted as the Ukrainian legal counsel to J.P. Morgan Securities and Morgan Stanley acting as joint lead managers in connection with USD100 million Tier 2 Eurobond offering by the State Export-Import Bank of Ukraine (“Ukreximbank”). The transaction was structured as the issue of USD100 million 9.95 percent per annum 10-year loan participation notes (with resettable coupon on the fifth anniversary of issuance) (“Notes”) for the sole purpose of funding a subordinated loan to Ukreximbank. The Notes were listed on the London Stock Exchange. The transaction has allowed Ukreximbank to further strengthen its Tier 2 capital and was the first issuance of Tier 2 Eurobonds by borrowers from Ukraine since 2006. Commenting on this transaction, AVELLUM’s senior partner Glib Bondar said: “We keep a leading position among Ukrainian legal advisers, having advised on all but one private, sovereign and quasi-sovereign Eurobond issuances out of Ukraine in 2019.” Ukreximbank is 100% state-owned bank acting as the sole financial agent of the Government of Ukraine with respect to loans from foreign financial institutions, which are borrowed or guaranteed by Ukraine. AVELLUM team was led by senior partner Glib Bondar with support from associates Anastasiya Voronova, Oleg Krainskyi, and Mariana Veremchuk. Partner Vadim Medvedev and associates Anton Zaderyholova and Yelyzaveta Kravtsova provided support on tax matters of the transaction.

Associate

OLEKSANDR VOLODIN

Oleksandr Volodin is an Associate at AVELLUM’s corporate practice with a primary focus on corporate law and M&A transactions.

Associate

INNA ERBELIDZE

Inna Erbelidze is an Associate at AVELLUM’s Real Estate and Infrastructure Practice.

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