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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