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Practices

Restructuring

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Overview

We have been involved in many of the high-profile Ukrainian debt restructurings.

Our expertise in matters of debt restructuring covers:

  • distressed asset transactions
  • reschedulings, reprofilings and other forms of restructuring, either consensual or contentious
  • formal insolvency proceedings
  • debtor advisory work

We regularly advise all types of Ukrainian debtors, from corporates to the sovereign to various state-owned quasi-sovereign entities, as well as individual and groups of creditors. Because we work regularly for both lenders and borrowers, we can see the very complex process of debt restructurings from every angle and can provide a strategic advice to our clients.

Our extensive experience in the fields of tax, corporate law and dispute resolution make our advice in debt restructurings comprehensive and valuable.

Key experience

Debt restructuring under the two inter-conditional English schemes of arrangement for DTEK Energy B.V. and DTEK Finance PLC

2

Bln USD

Legal advisor to DTEK Group

Open market repurchase of Ukraine’s outstanding GDP-linked warrants

1.5

Bln USD

Legal advisor to the Ministry of Finance of Ukraine

Dual-currency Eurobond issue and tender offer

834

Mln USD

Legal Advisor to Metinvest

Restructuring of sovereign-guaranteed term loans from JSC Sberbank of Russia to Ukravtodor and Yuzhnoye State Design Office

367

Mln USD

Legal Advisor to the Ministry of Finance of Ukraine

Exchange Offer under Guaranteed MTN Programme

500

Mln USD

Legal Advisor to Dealer Managers

Restructuring of guaranteed notes and the PXF syndicated loan facilities

2.3

Bln USD

Legal Advisor to Bondholders Committee of Metinvest

New Eurobond Issue and Exchange Offer and Consent Solicitation

100

Mln USD

Legal Advisor to Dealer Manager and Lender

Exchange Offer with scheme of arrangement, approved by English court

1.7

Bln USD

Legal Advisor to Bondholders Committee

Restructuring of thirteen sovereign and sovereign-guaranteed Eurobonds

15

Bln USD

Legal Advisor to Ministry of Finance of Ukraine

Show all key experience

Related materials

Newsroom

AVELLUM ACTS FOR UKRAINE ON CONSENSUAL DEFERRAL OF EXTERNAL DEBTS WORTH OVER USD25 BILLION

AVELLUM acted as the Ukrainian legal counsel to (i) 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”).

Posted on July 6, 2022

News

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.

Posted on July 6, 2022
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.

Newsroom

AVELLUM REMAINS THE ONLY UKRAINIAN LAW FIRM RANKED HIGHEST IN CORPORATE FINANCE BY CHAMBERS GLOBAL AND EUROPE 2021

Chambers Global and Europe acknowledges AVELLUM’s “excellent reputation, goal-focused attitude, outstanding track record, ingenuity, and very creative solutions” and recommends AVELLUM in 8 practice areas.

Posted on July 6, 2022
Chambers and Partners, a leading global legal directory, highly ranked AVELLUM in its 2021 Global and European guides. Chambers ranks AVELLUM for 10 consecutive years. According to Chambers Global and Europe 2021, AVELLUM remains the only Ukrainian law firm ranked in the highest Band 1 in all Corporate Finance practices researched by the Chambers: Banking and Finance, Corporate/M&A, and Restructuring and Insolvency. Chambers Global and Europe acknowledges AVELLUM’s “excellent reputation, goal-focused attitude, outstanding track record, ingenuity, and very creative solutions” and recommends AVELLUM in 8 practice areas: Band 1 – Banking and Finance, Corporate/M&A, Restructuring and Insolvency Band 3 – Employment, Tax, and Real Estate Band 4 – Competition/Antitrust and Energy and Natural Resources We are immensely proud of the individual recognition of our lawyers in 2021 rankings: Senior partner Glib Bondar: Band 1 in Banking and Finance and Restructuring and Insolvency Partner Vadim Medvedev: Band 3 in Tax Partner Yuriy Nechayev: Band 2 in Corporate/M&A Managing partner Mykola Stetsenko: Band 1 in Corporate/M&A Partner Maksym Maksymenko: Up and Coming expert in Real Estate Counsel Mykyta Nota: recommended in Competition/Antitrust When estimating the firm’s projects' complexity, Chambers and Partners closely looks into clients' and peers' feedback. We are deeply grateful to our clients for their consistently positive feedback over the years and for entrusting us with the most challenging and sophisticated deals in Ukraine. Chambers and Partners is an independent research company operating across 200 jurisdictions delivering detailed rankings and insight into the world's leading lawyers.

Newsroom

AVELLUM CLOSES 2020 WITH 3 MORE SUCCESSFUL EUROBOND DEALS

AVELLUM advised on all largest private and sovereign Eurobond issuances and liability management transactions out of Ukraine in 2020.

Posted on July 6, 2022
AVELLUM advised on all largest private and sovereign Eurobond issuances and liability management transactions out of Ukraine in 2020. Despite the global turbulence during the year, we are proud to close 2020 with the following successful Eurobond offerings and liability management transactions: USD300 million Eurobond offering and tender offer by Kernel AVELLUM acted as the Ukrainian legal counsel to Kernel Holding S.A. (“Kernel”) on USD300 million offering of 6.75% guaranteed notes due 2027 combined with a tender offer for the notes maturing in January 2022. Crédit Agricole Corporate and Investment Bank, J.P. Morgan Securities plc and Natixis acted as joint lead managers of the Eurobond issue and joint dealer managers for the tender offer. Kernel is the world’s leading and the largest in Ukraine producer and exporter of sunflower oil, and a major supplier of agricultural products from the Black Sea region to world markets. Kernel exports its products to more than 80 countries. Since November 2007, the shares of the company are traded on the Warsaw Stock Exchange (WSE). USD600 million tap issue of outstanding 2033 Eurobonds by Ukraine AVELLUM 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. The additional issuance was priced at a 6.20% yield, the lowest on a public USD Eurobond in the history of Ukraine. BNP Paribas and Goldman Sachs International acted as joint lead managers of this tap issue. Eurobond cash tender offer by Ukreximbank AVELLUM acted as the Ukrainian transaction counsel to 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. Ukreximbank for the first time among Ukrainian issuers of Eurobonds carried out the tender offer transaction without the simultaneous placement of a new issue. 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. Notwithstanding the unprecedented challenges of 2020, AVELLUM remains a true market leader in legal support of capital markets transactions out of Ukraine. We are grateful to our clients for entrusting us with these challenging and exciting projects and hope that more to come. * * * * * The AVELLUM team working on these transactions* was led by senior partner Glib Bondar with support from senior associate Anastasiya Voronova and associates Oleg Krainskyi, Anna Mykhalova, Anastasiya Zhebel, Mariana Veremchuk, Mykola Falko, Viktoria Bilenko, and Vladyslav Kostin. Partner Vadim Medvedev, senior associate Anton Zaderyholova and associate Oles Bidnoshyia provided support on tax matters of the transactions. *transactions are listed in the alphabetical order

Newsroom

AVELLUM ADVISES METINVEST ON USD333 MILLION EUROBOND ISSUE AND CASH TENDER OFFERS 

AVELLUM advised on the first and very successful post-COVID international capital market transactions of Metinvest B.V.

Posted on July 6, 2022
AVELLUM acted as the Ukrainian legal counsel to 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 (the “2021 bonds”), 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. Deutsche Bank and Natixis served as joint global coordinators and, together with IMI Intesa Sanpaolo and Raiffeisen Bank International, acted as joint bookrunners of the new Eurobond offering and joint dealer managers for the tender offers and consent solicitation. AVELLUM’S senior partner Glib Bondar commented: “It was a great honour for us to support our long-standing client Metinvest on their first and very successful post-COVID international capital market transactions. Metinvest and joint bookrunners did a fantastic job mobilizing the right resources to squeeze into a short window of opportunity.” Metinvest Group is a vertically integrated group of steel and mining companies that manages every link of the value chain, from mining and processing iron ore and coal to making and selling semi-finished and finished steel products. It comprises steel and mining production facilities located in Ukraine, Europe, and the US, as well as a sales network covering all key global markets. The AVELLUM team was led by senior partner Glib Bondar with significant support from senior associate Anastasiya Voronova and associates Oleg Krainskyi, Mariana Veremchuk, and Mykola Falko. Partner Vadim Medvedev, senior associate Anton Zaderyholova, and associate Oles Bidnoshyia provided tax support.

Newsroom

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 6, 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.

Key contacts

GLIB BONDAR

Senior Partner

gbondar@avellum.com

Team

VADIM MEDVEDEV

Partner

vmedvedev@avellum.com

TETIANA MYKHAILENKO

Senior Associate

tmykhailenko@avellum.com

MARIANA VEREMCHUK

Senior Associate

mveremchuk@avellum.com

YAROSLAV PAVLIUK

Associate

ypavliuk@avellum.com

MARHARYTA BRIANSKA

Associate

mbrianska@avellum.com

Practice

Finance

Our pre-eminent finance practice is well-known in the market for its cutting-edge expertise and exemplary service.

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We have continuously been closely involved in various social and economic projects due to our wide range of expertise.

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