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Avellum Advises on Ukraine’s Consensual Deferral of External Debts

Avellum Advises on Ukraine’s Consensual Deferral of External Debts

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Avellum, working with White & Case, has advised the Ministry of Finance of Ukraine, National Power Company Ukrenergo, and the State Road Agency of Ukraine Ukravtodor on consent solicitations for extending external debts.

According to Avellum, "the purpose of these consent solicitations was to extend maturities of Ukraine’s 13 series of outstanding Eurobonds and, separately, its outstanding GDP-linked warrants, as well as Ukrenergo’s and Ukravtodor’s outstanding Eurobonds guaranteed by the state of Ukraine. The total face value of all the instruments within the perimeter of these transactions exceeded USD 25 billion."

"On August 10, 2022, Ukraine announced it had received the requisite consents from the holders of its Eurobonds and GDP-linked warrants," the firm added. "On the same date, Ukrenergo and Ukravtodor announced the same with respect to their Eurobonds. These primarily allowed all three issuers to defer all payments due under their relevant debt instruments for two years. Most importantly, this will also allow Ukraine to refocus its limited foreign currency liquidity toward other pressing needs of the state budget of Ukraine."

Avellum previously also advised Ukravtodor on a debut USD 700 million issuance (as reported by CEE Legal Matters on July 14, 2021) and Ukrenergo on its debut USD 825 million issuance (as reported by CEE Legal Matters on November 21, 2021).

The Avellum team was led by Senior Partner Glib Bondar and included Senior Associates Oleg Krainskyi and Anastasiya Voronova, and Associates Mariana Veremchuk, Yaroslav Pavliuk, and Oleksandra Mohylna.

Ukraine Knowledge Partner

AVELLUM is a leading Ukrainian full service law firm with a key focus on Finance, Corporate, Dispute Resolution, Tax, and Antitrust.

Our aim is to be the firm of choice for large businesses and financial institutions in respect of their most important and challenging transactions.

We build lasting relationships with our clients and make them feel secure in new uncertain economic and legal realities.

We incorporate the most advanced Western legal techniques and practices into our work. By adding our first-hand knowledge, broad industry experience, and unparalleled level of service we deliver the best results to our clients in their business endeavours. Our partners are taking an active role in every transaction and ensure smooth teamwork.

AVELLUM is recognised as one of the leading law firms in Ukraine by various international and Ukrainian legal editions (Chambers, The Legal500, IFLR1000, The Ukrainian Law Firms, and others).

Firm's website: www.avellum.com


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