AVELLUM

acted as the Ukrainian legal counsel to the joint lead managers, Citigroup

Global Markets Limited and Deutsche Bank AG, London Branch, with respect to

EUR600 million and USD335 million Eurobond offering of Naftogaz of Ukraine.

The

transaction was structured as an offering of loan participation notes in two

different currency series. 5-year EUR-denominated notes were priced at 7.125%

and 3-year USD-denominated notes at 7.375%.

Having

raised the funds on attractive terms, Naftogaz is now better placed to prepare

for the next winter season by accumulating gas volumes in the underground gas

storages.

“We

are privileged to have contributed to the successful closing of this truly

landmark transaction”, senior partner Glib Bondar commented, “It is special for

us not only because of intellectual and legal challenges encountered during the

deal execution process but also because it has a direct positive impact on

economic and social well-being of Ukrainian people.”

Naftogaz

of Ukraine is a vertically integrated oil and gas company engaged in full cycle

of operations in gas and oil field exploration and development, production and

exploratory drilling, gas and oil transport and storage, supply of natural gas

and LPG to consumers.

The AVELLUM

team was led by senior partner Glib Bondar with support from associates

Anastasiya Voronova, Oleg Krainskyi, Dmytro Symbiryov, Anna Mykhalova, and Anna

Kalabska. Partner Vadim Medvedev and associates Anton Zaderyholova, Vladyslav

Aleksandrov, and Yelyzaveta Kravtsova provided support on tax matters of the

transaction.