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AVELLUM Advises Bondholders Committee on DTEK Energy Long-Term Restructuring

February 2017

AVELLUM acted as a Ukrainian law counsel to the bondholder group composed of holders of senior notes (the "Notes") issued by DTEK Finance plc in connection with the long-term restructuring of the Notes as part of the long-term restructuring of the debts of the DTEK Energy group.

DTEK is the largest privately owned vertically-integrated energy company in Ukraine, with efficient enterprises that mine and prepare coal as well as operate on electrical power generation and supply markets.

The restructuring of the Notes was implemented through an English scheme of arrangement approved by the High Court of Justice of England and Wales. According to the terms of the restructuring sanctioned by the court, two existing issues of USD750 million notes and USD160 million notes due in 2018, as well as certain other liabilities of DTEK Group were exchanged for a single new issue of the Notes due in 2024 with a coupon of 10.75% per annum.

This is one of the largest corporate debt restructurings on the Ukrainian market to date with the approximately USD1.2 billion total volume of the new Notes.

The AVELLUM team included Partner Glib Bondar; Counsel Igor Lozenko; Associates Taras Stadniichuk, Orest Franchuk, and Anastasiya Voronova.

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