News (#12 December 2019)

Deals

AVELLUM advised Metinvest

AVELLUM acted as the Ukrainian legal counsel to Metinvest B.V. on: a dual-currency Eurobond issue, including a USD 500 million 10-year tranche at 7.75% per annum and a EUR 300 million5-year tranche at 5.625% per annum; and a tender offer for USD 944.5 million Eurobonds due in 2023 to purchase for cash up to USD 440 million in paper.

This transaction is truly remarkable for the following reasons: the dollar-denominated tranche is Metinvest Groups longest to date with the lowest yield ever secured by Metinvest Group. The 10-year USD financing was until recently only available to the sovereign borrower in Ukraine; the debut euro-denominated tranche was issued at the lowest yield ever achieved by any Ukrainian issuers in euros (including sovereign).

Deutsche Bank, Natixis and UniCredit acted as joint bookrunners of the Eurobond issue and joint dealer managers for the tender offer.

The AVELLUM team was led by senior partner Glib Bondar with support from associates Anastasiya Voronova, Oleg Krainskyi, Orest Franchuk, and Anna Mikhalova and tax support from partner Vadim Medvedev, associates Anton Zaderyholova, and Yelyzaveta Kravtsova.

INTEGRITES advised ÜMITLI on construction of solar PV plants in Ukraine

INTEGRITES acted as local legal counsel for ÜMITLI, Turkish developer of renewable energy facilities, on the construction of three photovoltaic (PV) plants with a total capacity of 26 MW in Dnipropetrovsk Region, Ukraine. The total investment involved reaches USD 30 million. One plant has already been commissioned, and two others are scheduled for commissioning by the end of 2019.

The scope of legal work provided by INTEGRITES included due diligence of the project companies and assets, comprehensive advice on construction, regulatory and land matters, feed-in-tariff, grid connection and production license. The firm also advised ÜMITLI on tax and customs issues, structuring of transactions and project financing.

Supervised by managing partner Oleksiy Feliv, INTEGRITES team included partners Ilya Tkachuk and Viktoriya Fomenko, counsels Gennadii Roschepii and Vasyl Yurmanovych, associate Olena Zhydenko, Alina Trofimova,Kostyantyn Kharchenko, Yuliya Bleshmudt.

Naftogazs Eurobond offering

AEQUO has acted as Ukrainian law counsel to NJSC Naftogaz of Ukraine on Ukrainian law matters in connection with its second capital markets transaction in 2019. Freshfields Bruckhaus Deringer LLP has acted as a counsel to Naftogaz on English law matters. Naftogaz returned to the market in November with USD 500 million 7-year Eurobonds at 7.625% p.a., after placement of EUR 600 million at 7.125% and USD 335 million at 7.375% bonds in July 2019.

AEQUOs team provided comprehensive legal support in all matters of Ukrainian law, including issue structuring, drafting and negotiating the transaction documentation, preparing the Offering Circular, providing legal support in the course of obtaining regulatory approvals, and issued legal opinions in respect of the transaction and assisted with completion of the Eurobond issue.

AEQUOs project team worked under the supervision of Yulia Kyrpa, partner, and included Bohdan Dmukhovskyy, Myroslava Savchuk, counsels, Denys Kulgavyi, of counsel, Vasyl Mishchenko, senior associate, Olesia Mashtaler, Taras Shmyh and Anna Konovalova, associates.

AVELLUM acted as the Ukrainian legal counsel to Citigroup Global Markets Limited as lead managerin connection with an offering by Naftogaz of Ukraine.

In July 2019 AVELLUM advised the joint lead managers on EUR 600 million and USD 335 million Eurobond offering by Naftogaz.

The AVELLUM team was led by senior partner Glib Bondar with support from associates Anastasiya Voronova, Oleg Krainskyi, Orest Franchuk, Anna Mikhalova, and Mariana Veremchuk. Partner Vadim Medvedev and associates Anton Zaderyholova and Yelyzaveta Kravtsova provided support on tax matters in these transactions.

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