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Avellum Advises Bondholders Committee on DTEK Energy Long-Term Restructuring

Avellum Advises Bondholders Committee on DTEK Energy Long-Term Restructuring

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Avellum has acted as a Ukrainian law counsel to a bondholder group composed of holders of senior 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 USD 750 million notes and USD 160 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.

Avellum describes the matter as "one of the largest corporate debt restructurings on the Ukrainian market to date with the approximately USD 1.2 billion total volume of the new notes." The firm's team included Partner Glib Bondar, Counsel Igor Lozenko, and Associates Taras Stadniichuk, Orest Franchuk, and Anastasiya Voronova.

Image Source: www.dtek.com

Ukraine Knowledge Partner

AVELLUM is a leading Ukrainian full service law firm with a key focus on Finance, Corporate, Dispute Resolution, Tax, and Antitrust.

Our aim is to be the firm of choice for large businesses and financial institutions in respect of their most important and challenging transactions.

We build lasting relationships with our clients and make them feel secure in new uncertain economic and legal realities.

We incorporate the most advanced Western legal techniques and practices into our work. By adding our first-hand knowledge, broad industry experience, and unparalleled level of service we deliver the best results to our clients in their business endeavours. Our partners are taking an active role in every transaction and ensure smooth teamwork.

AVELLUM is recognised as one of the leading law firms in Ukraine by various international and Ukrainian legal editions (Chambers, The Legal500, IFLR1000, The Ukrainian Law Firms, and others).

Firm's website: www.avellum.com

 

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