AVELLUM
acted as Ukrainian legal advisor to the Ministry of Finance of Ukraine on its
USD3 billion, 15-year, 7.375% Eurobond issue which was combined with the cash
tender offer to the holders of the outstanding Eurobonds due 2019 and 2020. BNP
Paribas, Goldman Sachs and J.P. Morgan Securities plc acted as joint lead
managers on the transaction. 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 USD1.16 billion of its 2019 Eurobonds and USD415 million of
its 2020 Eurobonds. The remaining net proceeds of the new issue will be used
for general budgetary purposes.

“That
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. It was very well received by the international investment community
demonstrating the Ukraine’s successful return to the international capital
markets.” – said Glib Bondar, senior partner at AVELLUM.

The
AVELLUM team was led by senior partner Glib Bondar with significant support
from senior associate Taras Dmukhovskyy, tax counsel Vadim Medvedev, and
associates Anna Melnychuk, Pavlo Shevchenko, Orest Franchuk, Anastasia
Voronova, Oleg Krainskyi and Vladyslav Aleksandrov.

This
transaction follows AVELLUM advising on the Eurobond issues undertaken by
Kernel Holding S.A. of USD500 million in January and by MHP S.A. of USD500
million in May this year.