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The Legal 500 Hall of Fame Icon The Legal 500 Hall of Fame highlights individuals who have received constant praise by their clients for continued excellence. The Hall of Fame highlights, to clients, the law firm partners who are at the pinnacle of the profession. In Europe, Middle East and Africa, the criteria for entry is to have been recognised by The Legal 500 as one of the elite leading lawyers for seven consecutive years. These partners are highlighted below and throughout the editorial.
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Editorial

Press releases and law firm thought leadership

This page is dedicated to keeping readers informed of the latest news and thought leadership articles from law firms across the globe.

If your firm wishes to publish press releases or articles, please contact Shehab Khurshid on +44 (0) 207 396 5689 or shehab.khurshid@legalease.co.uk

 

AVELLUM advises MHP on USD350 million Eurobond issue

November 2019 - Finance. Legal Developments by Avellum.

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AVELLUM acted as the Ukrainian legal counsel to MHP Lux S.A. (“MHP”) on USD350 million offering of 6.250% notes due 2029 (“Notes”). The transaction was structured as an offering of the Notes guaranteed on a senior basis by MHP SE and certain of its Ukrainian and Cypriot subsidiaries.

AVELLUM advised Metinvest on dual-currency Eurobond issue and tender offer

November 2019 - Finance. Legal Developments by Avellum.

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AVELLUM acted as the Ukrainian legal counsel to Metinvest B.V. on:

AVELLUM advises ICU on sale of stake in over 200 MW alternative energy projects

September 2019 - Finance. Legal Developments by Avellum.

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AVELLUM acted as the legal counsel to Investment Capital Ukraine (“ICU”) on the sale of the remaining stake in alternative energy projects with total capacity over 200 MW to VR Capital Group (“VR”). The transaction covered the following solar power plants jointly developed by ICU and VR:

AVELLUM advises joint lead managers on EUR600 mln and USD335 mln Naftogaz Eurobond issue

August 2019 - Finance. Legal Developments by Avellum.

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AVELLUM acted as the Ukrainian legal counsel to the joint lead managers, Citigroup Global Markets Limited and Deutsche Bank AG, London Branch, with respect to EUR600 million and USD335 million Eurobond offering of Naftogaz of Ukraine.

AVELLUM advises on Ukraine`s first in over a decade Euro-denominated notes issue

July 2019 - Finance. Legal Developments by Avellum.

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AVELLUM acted as the Ukrainian legal counsel to the Ministry of Finance of Ukraine on another milestone Eurobond deal. The issue by Ukraine of EUR1 billion notes with a 7-year tenor marks the first euro-denominated offering Ukraine has made in almost 15 years.

AVELLUM advises EBRD on secured loan to major Ukrainian wood processing company

June 2019 - Finance. Legal Developments by Avellum.

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AVELLUM acted as the Ukrainian legal counsel to the European Bank for Reconstruction and Development (“EBRD”) in connection with a long term senior secured loan to Limited Liability Company “Zunami” (“Zunami”) in the total amount of up to EUR3 million.           

AVELLUM advises Dobrobut on investment by Horizon Capital

June 2019 - Finance. Legal Developments by Avellum.

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AVELLUM acted as the legal counsel to Dobrobut, the leading private healthcare services provider in Ukraine, and its shareholders on the disposal of a minority stake in Dobrobut to Horizon Capital.

AVELLUM advises EBRD on another large renewable energy financing deal

June 2019 - Finance. Legal Developments by Avellum.

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AVELLUM acted as the Ukrainian legal counsel to the European Bank for Reconstruction and Development (“EBRD”>) and Nederlandse Financierings – Maatschappij voor Ontwikkelingslanden N.V. (“FMO”) in connection with a senior secured loan to LLC “Chysta Enerhiia-2011” in the total amount of up to EUR 24.5 million (and each 50%).

Sayenko Kharenko advises EBRD on synthetic UAH loan facility to Ukreximbank to support small and med

May 2019 - Finance. Legal Developments by Sayenko Kharenko.

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Sayenko Kharenko has acted as Ukrainian legal counsel to the European Bank for Reconstruction and Development (EBRD) on providing a dual-tranche UAH-denominated loan equivalent to USD 25 million to JSC “The State Export-Import Bank of Ukraine”. The synthetic local currency loan provides access to UAH loan funds for eligible SME borrowers.

Sayenko Kharenko advises VR Capital on acquisition of 50% stake in 11 solar park projects

May 2019 - Finance. Legal Developments by Sayenko Kharenko.

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Sayenko Kharenko has acted as Ukrainian legal counsel to VR Capital on the acquisition of 50% of shares in Nicken Holdings LTD from Investment Capital Ukraine (ICU).

Sayenko Kharenko advises on World Bank-guaranteed EUR 529 million facility to Ukraine

May 2019 - Finance. Legal Developments by Sayenko Kharenko.

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Sayenko Kharenko has acted as Ukrainian legal counsel to Deutsche Bank as the lender and arranger of a EUR 529 million facility extended to Ukraine under a guarantee from the International Bank for Reconstruction and Development. 

AVELLUM advises on IBRD-supported financing for Ukraine

March 2019 - Finance. Legal Developments by Avellum.

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AVELLUM acted as the Ukrainian legal counsel to the Ministry of Finance of Ukraine in connection with two syndicated EUR-denominated facilities arranged by Deutsche Bank in December 2018 and March 2019 for the total amount equivalent to approximately USD1 billion.

AVELLUM promotes Vadim Medvedev to tax partner

January 2019 - Finance. Legal Developments by Avellum.

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AVELLUM is happy to announce the promotion of Vadim Medvedev to partner effective from 1 January 2019.

Vadim leads the firm’s tax practice and has an outstanding track record in the areas of international tax planning, transaction structuring, and succession planning matters. Vadim is also highly praised for successfully representing clients in tax litigation cases.

AVELLUM advises on Ukraine’s USD2 billion Eurobond issue

December 2018 - Finance. Legal Developments by Avellum.

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AVELLUM acted as the Ukrainian legal counsel to the Ministry of Finance of Ukraine on the USD2 billion sovereign Eurobond issue consisting of two tranches with 5.5 and 10-year tenor. J.P. Morgan Securities, Goldman Sachs, BNP Paribas, and Citigroup acted as joint lead managers on the transaction.

AVELLUM advises EBRD on first financing of Academic Institution in Ukraine

December 2018 - Finance. Legal Developments by Avellum.

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AVELLUM acted as the Ukrainian legal counsel to the European Bank for Reconstruction and Development (“EBRD”) in connection with a senior secured loan of up to EUR1.3 million to Private Higher Educational Establishment "Kyiv Medical University" (“KMU”).

Sayenko Kharenko advised on USD 2 billion dual-tranche Eurobond issue by Ukraine

November 2018 - Finance. Legal Developments by Sayenko Kharenko .

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Sayenko Kharenko advised on USD 2 billion dual-tranche Eurobond issue by Ukraine

Sayenko Kharenko acted as Ukrainian legal counsel to BNP Paribas, Goldman Sachs, Citigroup and J.P. Morgan Securities, joint lead managers of USD 2 billion Eurobond issue by Ukraine.

The issue comprises USD 750 million notes due 2024 and USD 1.25 billion notes due 2028. A share of proceeds of the new issue has been used by Ukraine to redeem its USD 725 million zero coupon notes issued for the purposes of bridge financing earlier in 2018, while the remaining funds will be applied for general budgetary purposes of the sovereign. The issue took place on the back of prolonged negotiations between Ukraine and IMF and gives a positive signal that international capital markets are still open for the Ukrainian debt.

Igor Lozenko and Nazar Chernyavsky led Sayenko Kharenko’s team working on the transaction, which included Denis Nakonechnyi, Yurii Dmytrenko, Oles Trachuk and Vira Pankiv.  sk_press-release_eurobonds_eng

A Remarkable Year of Restructuring. What Next?

August 2016 - Finance. Legal Developments by Avellum.

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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.

Disputes arising from finance arrangements: post-crisis phenomenon in Ukraine – read more!

The 2008 financial crisis peak had hardly faded away, when another breaking news was brought to the surface in CIS countries: a significant part of the funds advanced during the pre-crisis period by banks and other financial institutions to support various businesses and commercial initiatives, flew beyond national frontiers to be found in Panama, BVI, Seychelles, Jersey, Cyprus and other offshore and onshore jurisdictions in the pockets of numerous private persons, mostly CIS nationals. No surprise this fact led to a tsunami of disputes, one way or the other related to repayment of loans and funds advanced under other types of finance arrangements. Many of those disputes are still pending, thus, keeping finance arrangements among the top-litigated issues within CIS borders.

NBU Changes Rules for Registration of Cross-Border Loan Agreements

August 2012 - Finance. Legal Developments by Avellum.

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On 15 June 2012, the National Bank of Ukraine (the “NBU”) amended the rules for registration of cross-border loan agreements between Ukrainian borrowers and foreign lenders (the “New Registration Rules”). The New Registration Rules will become effective on 9 November 2012. Our summary of the most important changes is set out below.

Developments in Protection of Secured Creditors’ Rights in Bankruptcy of a Ukrainian Debtor

July 2012 - Finance. Legal Developments by Avellum.

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On 19 January 2013 the Law of Ukraine “On Amendments to the Law of Ukraine “On Restoring Debtor’s Solvency or Declaring it Bankrupt” dated 22 December 2011 (the “Restated Insolvency Law”) will become effective. The Restated Insolvency Law introduced a number of important changes to the protection of rights of secured creditors and the enforcement of security in bankruptcy.

NBU Introduces Changes to Cross-Border Loan Registration Procedure

July 2012 - Finance. Legal Developments by Asters.

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On 15 June 2012, the Board of the National Bank of Ukraine (the "NBU") adopted Regulation No. 246 introducing amendments (the "Amendments") to the procedure of obtainment by residents of foreign-currency loans from non-residents and providing by residents of foreign-currency loans to non-residents (the "Procedure") set forth in NBU Regulation No. 270. The Amendments shall come into force 4 months after the date of registration by the Ministry of Justice, which occurred on 9 July 2012.

Securities Commission Adopts Rules for Acquisition of Professional Securities Brokers

April 2012 - Finance. Legal Developments by Asters.

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On 13 March 2012 the Ukrainian National Commission on Securities and Stock Market (the "Commission") adopted the Regulation (the "Regulation") on granting a permit (the "Permit") for equity acquisition in a professional securities market participant, such as a security broker, asset management company, custodian, depositary, etc., resulting in direct or indirect holding or control over 10, 25, 50 or 75 percent of equity (the "Significant Shareholding"). The Regulation will be effective upon its approval by the Ministry of Justice.

VALIDITY OF LOAN AGREEMENTS UNDER UKRAINIAN LAW

January 2012 - Finance. Legal Developments by Integrites Group.

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Oleksandr Aleksyeyenko, partner - oleksandr.aleksyeyenko@integrites.com

Artur Yalovyy, head of London office – artur.yalovyy@integrites.com

Generally, a loan, credit or other similar agreements governed by the law other than the law of the borrower’s jurisdiction, is affected by the “local” law in a limited way. Usually, such “local” law sets the procedure of execution of the agreement by the borrower and the validity of the agreement as well as of the respectful corporate authorization.

NBU Main Department in the City of Kyiv and Kyiv Region Specifies Requirements to Loan Agreements...

November 2011 - Finance. Legal Developments by Asters.

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with Foreign Lenders Submitted for Registration

On 31 October 2011, the Main Department of the NBU in the city of Kyiv and Kyiv region (the "NBU Kyiv Department") issued a letter (the "Letter") clarifying requirements that apply to loan agreements with foreign lenders and the set of documents submitted with the NBU Kyiv Department for registration. 

Rules for Provision of Consumer Loans in Ukraine Changed

November 2011 - Finance. Legal Developments by Asters.

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On 16 October 2011 the Law of Ukraine "On Making Amendments to Certain Laws of Ukraine Regarding Regulation of Relations between Creditors and Consumers of Financial Services" dated 22 September 2011 (the "Law") entered into force.

UKRAINE IMPROVES RULES TO PROTECT CREDITORS’ RIGHTS AND CONSUMERS OF FINANCIAL SERVICES

October 2011 - Finance. Legal Developments by Avellum.

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On 13 October 2011, the President of Ukraine signed into law a number of amendments to the Civil Code, the Bankruptcy Law, the Law on Securing Creditors’ Claims, the Criminal Code and some other laws (the “Amendments”) aimed at increasing protection of creditors’ rights and consumers of financial services, decreasing the share of delinquent assets in the loan portfolio of banks. Amendments became effective on 16 October 2011. The most important changes are outlined below:

NBU EASES LICENSING REQUIREMENTS FOR CROSS-BORDER SURETY (GUARANTEE) PAYMENTS TO FOREIGN LENDERS

September 2011 - Finance. Legal Developments by Avellum.

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Cross-border foreign currency payments by Ukrainian surety providers (guarantors) to a foreign lender under a surety agreement (guarantee), which secures obligations of a Ukrainian borrower under a foreign currency loan agreement with such foreign lender, will be exempt from the individual licensing requirement.

Memorandum of cooperation signed between Arzinger Law Office and ICC Ukraine Consulting

August 2011 - Finance. Legal Developments by Arzinger & Partners.

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On August 19, 2011 a Memorandum of Cooperation was signed between the consulting company ICC Ukraine Consulting that operates on the basis of the Ukrainian Committee of the International Chamber of Commerce and Arzinger Law Office, which is an independent national law firm, one of the leading legal experts in Ukraine focused on inbound investment.

INVALIDATION OF LOAN AGREEMENTS IN UKRAINE

August 2011 - Finance. Legal Developments by Integrites Group.

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On the 06th of July 2011 the High Specialized Court of Ukraine on civil and criminal cases finally put an end to a long and fascinating story named "the legitimacy of concluding loan agreements in foreign currency."

LATEST CHANGES IN UKRAINIAN CORPORATE LAW

June 2011 - Finance. Legal Developments by Avellum.

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Recently Ukrainian corporate law underwent numerous amendments, in particular:

  • introduction of International Financial Reporting Standards (“IFRS”) in Ukraine
  •  increase of the maximum number of participants in a limited liability company
  •  abolition of the incorporation certificate

LEGAL ALERT

April 2011 - Finance. Legal Developments by Avellum.

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Government to provide support for Public-Private Partnership   

NBU Updates Foreign Investment Rules

March 2011 - Finance. Legal Developments by Baker & McKenzie.

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On 22 December 2010, the National Bank of Ukraine (the "NBU") adopted Resolution No. 572 "On Regulation of Certain Issues Relating to Currency Operations" (the "Regulation"), which will come into effect on 22 March 2011 

Significant New Rules for Ukrainian Banks and their Shareholders

March 2011 - Finance. Legal Developments by Baker & McKenzie.

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On 11 March 2011 the President of Ukraine signed Law of Ukraine No. 3024-VI "On Amendments to Certain Laws of Ukraine Regarding Regulation of Banking Activity" (the "Amendments") adopted by Verkhovna Rada on 15 February 2011.  The Amendments come into effect three months after their official publication, i.e., on 17 June 2011.

UKRAINIAN CORPORATE AND SECURITIES LEGISLATION FURTHER IMPROVES

March 2011 - Finance. Legal Developments by Avellum.

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Amendments to Joint Stock Companies Law

ACQUISITIONS IN UKRAINE: 12 TIPS ON MAKING A SUCCESSFUL DEAL

February 2011 - Finance. Legal Developments by Avellum.

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With the global financial crisis approaching its end, the mergers and acquisitions (M&A) activity is picking up in Ukraine. Foreign buyers are again looking at the Ukrainian market as sellers have adjusted their pricing expectations to reasonable levels. With this trend in mind, it could be useful to reiterate a few basic aspects of investing in Ukraine.

Shares in Joint Stock Companies Should Be Converted into Electronic Form by 29 October 2010

September 2010 - Finance. Legal Developments by Avellum.

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On 29 October 2010 the provision of the Law “On Joint Stock Companies” (the “Law”), dated 17 September 2008, onthe form of shares of Ukrainian joint stock companies will enter into force. The Law requires that by this date all sharesof all joint stock companies in Ukraine should be converted into electronic form and all further share issues after thisdate should also be made in electronic form. This requirement is indefinite and does not depend on the issuer’s size, itsamount of profits/losses, amount of assets or the number of shareholders, etc. 

Capital Markets 2010

June 2010 - Finance. Legal Developments by Asters.

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Please give a brief overview of the equity market(s) in your jurisdiction and initial public offering (IPO) activity generally. What were the large deals over the past year? Have there been many listings of overseas companies on your market(s)?

Rules for the Reorganization of Commercial Banks in Ukraine Simplified 

December 2009 - Finance. Legal Developments by Baker & McKenzie.

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Starting from 21 December 2009, the rules for the reorganization of commercial banks have been simplified by Resolution No. 683 of the Board of the National Bank of Ukraine (the “NBU”), adopted on 18 November 2009, which introduced amendments (the “Amendments”) to NBU Regulation No. 189 “On the Reorganization of a Bank Pursuant to the Decision of Its Owner”, dated 27 June 2008 (the “Regulation”). The Amendments are aimed at bringing the Regulation into conformity with the latest legislative changes relating to financial recovery of commercial banks and with the requirements of the Law of Ukraine “On Joint Stock Companies” (the “JSC Law”).

New Anti-Crisis Legislation Tightens Up Ukrainian Currency Control Rules

November 2009 - Finance. Legal Developments by Baker & McKenzie.

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Law of Ukraine No. 1533-VI, dated 23 June 2009, "On the Introduction of Amendments to Certain Laws of Ukraine for Overcoming the Negative Consequences of the Financial Crisis" (the "Law") became effective on 24 November 2009. The Law introduced a number of important changes into the Ukrainian currency control regime in respect of cross-border foreign currency loans from foreign lenders to Ukrainian borrowers; the procedure for foreign investments in Ukraine; and the procedure for settlements under export-import transactions.

Fresh Measures to Save the Ukrainian Banking System

September 2009 - Finance. Legal Developments by Baker & McKenzie.

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On 24 July 2009 the Verkhovna Rada (Ukrainian parliament) passed the Law of Ukraine No.1617-VI “On Introduction of Amendments to Certain Legislative Acts of Ukraine Regarding Peculiarities of Carrying out Measures Aimed at the Financial Recovery of Banks” (the “Law”).

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