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.