Sayenko Kharenko acted as Ukrainian legal counsel to joint-bookrunners Deutsche Bank, Natixis and UniCredit on Metinvest's dual-currency Eurobond issue, which consisted of a USD 500 million 7.75% tranche and EUR 300 million 5.625% tranche. Avellum advised Metinvest on the issuance.
The issue of new notes was coupled by a USD 440 million cash tender offer in relation to Metinvest’s existing USD 944 million Eurobonds due 2023. The deal marked the first dual-currency Eurobond issue by a Ukraine’s private sector corporate.
According to Avellum, "the transaction’s importance lies within the fact that the dollar-denominated tranche is Metinvest Group’s longest to date with the lowest yield ever secured by Metinvest Group. The 10-year USD financing until recently was only available to the sovereign borrower in Ukraine."
Metinvest Group is a group of steel and mining companies in Ukraine and is one of the largest CIS producers of iron ore raw materials and steel. It has steel and mining production facilities in Ukraine, the European Union, and the United States.
Both Sayenko Kharenko and Avellum advised on last year's Metinvest Eurobond issuance as well (as reported by CEE Legal Matters on May 14, 2018).
Sayenko Kharenko’s team was led by Counsel Igor Lozenko and included Associates Oles Trachuk, Denis Nakonechnyi, Yurii Dmytrenko and Junior Associates Vladyslava Mitsai, Oleksandra Maksymenko, and Sofiia-Mariia Kuzminska.
Avellum's team was led by Senior Partner Glib Bondar and included Associates Anastasiya Voronova, Oleg Krainskyi, Orest Franchuk, and Anna Mikhalova. Tax support was provided by Avellum Partner Vadim Medvedev and Associates Anton Zaderyholova and Yelyzaveta Kravtsova.
