AVELLUM advised on all largest private and sovereign Eurobond issuances and liability management transactions out of Ukraine in 2020. Despite the global turbulence during the year, we are proud to close 2020 with the following successful Eurobond offerings and liability management transactions:

• USD300 million Eurobond offering and tender offer by Kernel

AVELLUM acted as the Ukrainian legal counsel to Kernel Holding S.A. (“Kernel”) on USD300 million offering of 6.75% guaranteed notes due 2027 combined with a tender offer for the notes maturing in January 2022.

Crédit Agricole Corporate and Investment Bank, J.P. Morgan Securities plc and Natixis acted as joint lead managers of the Eurobond issue and joint dealer managers for the tender offer.

Kernel is the world’s leading and the largest in Ukraine producer and exporter of sunflower oil, and a major supplier of agricultural products from the Black Sea region to world markets. Kernel exports its products to more than 80 countries. Since November 2007, the shares of the company are traded on the Warsaw Stock Exchange (WSE).

• USD600 million tap issue of outstanding 2033 Eurobonds by Ukraine

AVELLUM acted as the Ukrainian legal counsel to the Ministry of Finance of Ukraine on USD600 million tap issue of Ukraine’s outstanding USD2 billion 7.253% notes due 2033. The additional issuance was priced at a 6.20% yield, the lowest on a public USD Eurobond in the history of Ukraine.

BNP Paribas and Goldman Sachs International acted as joint lead managers of this tap issue.

• Eurobond cash tender offer by Ukreximbank

AVELLUM acted as the Ukrainian transaction counsel to Joint Stock Company “The State Export-Import Bank of Ukraine (“Ukreximbank”) as borrower and Goldman Sachs International as dealer manager on USD316 million cash tender offer. Ukreximbank for the first time among Ukrainian issuers of Eurobonds carried out the tender offer transaction without the simultaneous placement of a new issue.

Ukreximbank is 100% state-owned bank acting as the sole financial agent of the Government of Ukraine with respect to loans from foreign financial institutions, which are borrowed or guaranteed by Ukraine.

Notwithstanding the unprecedented challenges of 2020, AVELLUM remains a true market leader in legal support of capital markets transactions out of Ukraine. We are grateful to our clients for entrusting us with these challenging and exciting projects and hope that more to come.

* * * * *

The AVELLUM team working on these transactions* was led by senior partner Glib Bondar with support from senior associate Anastasiya Voronova and associates Oleg Krainskyi, Anna Mykhalova, Anastasiya Zhebel, Mariana Veremchuk, Mykola Falko, Viktoria Bilenko, and Vladyslav Kostin. Partner Vadim Medvedev, senior associate Anton Zaderyholova and associate Oles Bidnoshyia provided support on tax matters of the transactions.

AVELLUM advised on all largest private and sovereign Eurobond issuances and liability management transactions out of Ukraine in 2020. Despite the global turbulence during the year, we are proud to close 2020 with the following successful Eurobond offerings and liability management transactions:

• USD300 million Eurobond offering and tender offer by Kernel

AVELLUM acted as the Ukrainian legal counsel to Kernel Holding S.A. (“Kernel”) on USD300 million offering of 6.75% guaranteed notes due 2027 combined with a tender offer for the notes maturing in January 2022.

Crédit Agricole Corporate and Investment Bank, J.P. Morgan Securities plc and Natixis acted as joint lead managers of the Eurobond issue and joint dealer managers for the tender offer.

Kernel is the world’s leading and the largest in Ukraine producer and exporter of sunflower oil, and a major supplier of agricultural products from the Black Sea region to world markets. Kernel exports its products to more than 80 countries. Since November 2007, the shares of the company are traded on the Warsaw Stock Exchange (WSE).

• USD600 million tap issue of outstanding 2033 Eurobonds by Ukraine

AVELLUM acted as the Ukrainian legal counsel to the Ministry of Finance of Ukraine on USD600 million tap issue of Ukraine’s outstanding USD2 billion 7.253% notes due 2033. The additional issuance was priced at a 6.20% yield, the lowest on a public USD Eurobond in the history of Ukraine.

BNP Paribas and Goldman Sachs International acted as joint lead managers of this tap issue.

• Eurobond cash tender offer by Ukreximbank

AVELLUM acted as the Ukrainian transaction counsel to Joint Stock Company “The State Export-Import Bank of Ukraine (“Ukreximbank”) as borrower and Goldman Sachs International as dealer manager on USD316 million cash tender offer. Ukreximbank for the first time among Ukrainian issuers of Eurobonds carried out the tender offer transaction without the simultaneous placement of a new issue.

Ukreximbank is 100% state-owned bank acting as the sole financial agent of the Government of Ukraine with respect to loans from foreign financial institutions, which are borrowed or guaranteed by Ukraine.

Notwithstanding the unprecedented challenges of 2020, AVELLUM remains a true market leader in legal support of capital markets transactions out of Ukraine. We are grateful to our clients for entrusting us with these challenging and exciting projects and hope that more to come.

* * * * *

The AVELLUM team working on these transactions* was led by senior partner Glib Bondar with support from senior associate Anastasiya Voronova and associates Oleg Krainskyi, Anna Mykhalova, Anastasiya Zhebel, Mariana Veremchuk, Mykola Falko, Viktoria Bilenko, and Vladyslav Kostin. Partner Vadim Medvedev, senior associate Anton Zaderyholova and associate Oles Bidnoshyia provided support on tax matters of the transactions.