The Legal 500

Twitter Logo Youtube Circle Icon LinkedIn Icon

Avellum

38 VOLODYMYRSKA STREET, 4TH FLOOR, 01030 KYIV, UKRAINE
Tel:
Work +380 44 591 3355
Email:
Web:
www.avellum.com
Kiev, Kiev

Show all Press releases

AVELLUM Advises MHP on Benchmark Eurobond Issue

July 2017

AVELLUM acted as Ukrainian legal advisor to MHP S.A. (“MHP”) on the benchmarck USD500 million, 7 year, 7.75% Eurobond issue with the benefit of the guarantees from its Ukrainian subsidiaries. The joint lead managers on the transaction were J.P. Morgan Securities plc and London Branch of ING Bank N.V.

The Eurobond issue was coupled with the cash tender offer for MHP’s outstanding USD750 million 8.25% bonds due in 2020, with USD245.2 million of which were tendered by the bondholders.

Commenting on this transanction, AVELLUM’s senior partner Glib Bondar said: “We are proud to have been entrusted by MHP with this challenging transaction, which is the second corporate eurobond issue that our team has worked on this year. It is fair to say that this transaction is truly remarkable, given its size, improved coupon and maturity profile, despite the volatile markets and still limited investor appetite for Ukrainian risk. It further demonstrates signs of reviving investors’ confidence in Ukrainian economy and will hopefully open doors to this important funding source for other Ukraine-based businesses.”

MHP is one of the leading poultry producers in Europe and one of the biggest grain producers in Ukraine. MHP has been listed on the London Stock Exchange since 2008.

The AVELLUM team was led by senior partner Glib Bondar and counsel Igor Lozenko, with support from senior associate Vadim Medvedev and associates Anna Melnychuk, Pavlo Shevchenko, Yuriy Zaremba, Tetiana Mykhailenko, Anastasiya Voronova, Orest Franchuk, Dmytro Tkachuk, Olga Tersina and Vladyslav Aleksandrov.

Legal Developments by:
Avellum

  • AVELLUM advises on acquisition of shares in Bank Lviv

    AVELLUM acted as the Ukrainian legal counsel to a private equity vehicle managed by responsAbility Investments AG (“responsAbility ”) in connection with the acquisition of a shareholding in Bank Lviv. Bank Lviv is the first investment project of responsAbility in Ukraine. Further on, responsAbility intends to increase its stake in the bank to 51%.
    - Avellum

Legal Developments in Ukraine

Legal Developments and updates from the leading lawyers in each jurisdiction. To contribute, send an email request to
  • AVELLUM advises on acquisition of shares in Bank Lviv

    AVELLUM acted as the Ukrainian legal counsel to a private equity vehicle managed by responsAbility Investments AG (“responsAbility ”) in connection with the acquisition of a shareholding in Bank Lviv. Bank Lviv is the first investment project of responsAbility in Ukraine. Further on, responsAbility intends to increase its stake in the bank to 51%.
  • RESPONSIBILITY OF OFFICIALS UNDER THE NEW LAW ON LLC

    Officials of the company according to the new Law on LLC shall bear joint and several and in some cases – subsidiary liability to the company.
    - GOLAW
  • Sayenko Kharenko advised Mriya Agro Holding

    Sayenko Kharenko advised Mriya Agro Holding on the successful debt restructuring and subsequent sale
  • Employing Foreign Specialists in Ukraine – Rules of the Game Have Been Simplified?

    Following the strategy of the Government to improve the doing business climate in Ukraine, Parliament adopted the Law of Ukraine “On Amendments to Certain Legislative Acts of Ukraine Concerning Elimination of Barriers for Foreign Investments Attraction” dated May 23, 2017 (hereinafter – “the Law”), which came into force on September 27, 2017.  The Law with such an expressive name should have definitely removed the barriers for employment of foreigners, but what have we actually received? Putting the cart before the horse, the Law really significantly changed the procedure of obtaining work permits (hereinafter – “the Permit”) facilitating it essentially from the one hand, but introducing some questionable conditions from the other.
    - GOLAW
  • New Law on LLCs in Ukraine

    The Law of Ukraine On the Limited Liability Companies and Additional Liability Companies passed on 6 February 2018 shall come into force on 17 June 2018. The Law is a positive sign for doing business in Ukraine as it introduces significant changes and innovations in the legal regulation of the establishment and activities of limited liability companies, which are the most numerous and the most popular form of entrepreneurial activity in Ukraine (second only to individual entrepreneurs).
  • The Code of bankruptcy procedure in Ukraine: positives and negatives of the new document

    The Verkhovna Rada registered a draft law on the Code of Bankruptcy Procedure (No. 8060). Among other things, it is noted that such a document will increase the efficiency of bankruptcy procedures, the level of protection of the rights of creditors, improve the procedures for selling debtor property at the auction, increase the level of execution of contracts and court decisions. However, does the text of the document correspond to the stated purpose? 
    - GOLAW
  • CHANGES TO PPA: TO MAKE FINANCIAERS HAPPY

    Over the last few months before January 2018, when the latest changes to the power purchase agreements (PPAs) between State Enterprise “Energorynok” and producers of energy from alternative sources were adopted, more than ten agreements were signed with upgraded conditions set earlier in 2017. In the mentioned agreements, the changes to the PPAs were applied and helped bring Ukraine’s PPAs closer to international standards. Nevertheless, the revised PPAs still have a lot of issues that need to be clarified and further elaborated to make them perfectly bankable, and to make them properly executable.
    - GOLAW
  • Antitrust Compliance Program in Ukraine: Current Status and Development Prospect

    Mykola Stetsenko, Managing Partner, AVELLUM
  • Recent Legal Developments in Renewable Energy Sector

    Glib Bondar, Partner, AVELLUM
  • A Remarkable Year of Restructuring. What Next?

    What happened in 2015 in the world of Ukrainian corporate finance was a reflection of larger scale events in and around Ukraine. In this article, we will share our view of the key events in 2015 in the area of cor-porate finance, highlight the most important legislative and regulatory developments in finance and, based on our experience, make a few suggestions for creditors and debtors on how to navigate through 2016.