Kyiv, 31 December 2015 - Avellum Partners acted as Ukrainian counsel to the City of Kyiv on the restructuring of its USD250 million 8% Loan Participation Notes due 2015 (the “2015 Notes”) and USD300 million 9.375% Loan Participation Notes due 2016 (the “2016 Notes”).
The City of Kyiv offered its creditors the opportunity to exchange the 2015 Notes and the 2016 Notes for sovereign notes and GDP-linked securities. This eurobond debt restructuring was structured as the exchange offer of 2015 Notes and the exchange offer and consent solicitation of 2016 Notes. As a result of the settlement of this operation, the City of Kyiv’s liabilities were reduced by a total of USD448,851,000 (USD148,851,000 from the 2015 Notes and USD300,000,000 from the 2016 Notes).
This debt operation contributes to meeting the specific targets of the IMF-supported Extended Fund Facility agreed on 11 March 2015.
The Avellum Partners team was led by Partner, Glib Bondar, with lead associates Artem Shyrkozhukhov and Taras Dmukhovskyy with significant support from other associates, including Taras Stadniichuk, Anastasiya Voronova, Pavlo Shevchenko and Orest Franchuk.