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.