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Avellum and Sayenko Kharenko Advise on Ukraine’s USD 3 Billion Sovereign Bond Issue and Tender Offer

Avellum and Sayenko Kharenko Advise on Ukraine’s USD 3 Billion Sovereign Bond Issue and Tender Offer

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Avellum has acted as Ukrainian legal advisor to the Ministry of Finance of Ukraine on its USD 3 billion, 15-year, 7.375% Eurobond issue, which was combined with a cash tender offer to the holders of the outstanding Eurobonds due 2019 and 2020. White & Case advised the Ministry of Finance on matters of English and American law, while Sayenko Kharenko (on Ukrainian law) and Latham & Watkins (on American and English law) advised joint lead managers BNP Paribas, Goldman Sachs, and J.P. Morgan Securities plc.

The transaction is the first stand-alone sovereign bond issue by Ukraine since its 2015 sovereign debt restructuring. A portion of the net proceeds of the new issue were applied by Ukraine to fund the repurchase of USD 1.16 billion of its 2019 Eurobonds and USD 415 million of its 2020 Eurobonds. The remaining net proceeds of the new issue will be used for general budgetary purposes.

“It was an immense privilege for us to act for the Ministry of Finance of Ukraine on this truly remarkable transaction, in particular, in terms of its size and maturity," commented Avellum Partner Glib Bondar, who led the firm's team on the deal. "It was very well received by the international investment community demonstrating Ukraine’s successful return to the international capital markets.” Bondar was supported by Avellum Senior Associate Taras Dmukhovskyy, Tax Counsel Vadim Medvedev, and Associates Anna Melnychuk, Pavlo Shevchenko, Orest Franchuk, Anastasia Voronova, Oleg Krainskyi, and Vladyslav Aleksandrov.

Sayenko Kharenko Partner Nazar Chernyavsky commented: “We are proud to be involved in such a landmark transaction, especially given its importance for the revival of investors’ interest in Ukraine.” His team included Senior Associates Marta Lozenko and Konstantin Penskoy, Associates Taras Shyb and Andriy Tsyatsyak, and Junior Associate Oles Trachuk.

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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