Avellum has advised arrangers J.P. Morgan Securities Plc and Raiffeisen Bank International AG on a USD 464 million bridge loan financing for Bakcell’s acquisition of PSJC Vodafone Ukraine. DLA Piper advised Bakcell on the deal.
Avellum also advised JP Morgan Securities Plc, Raiffeisen Bank International, Dragon Capital, and ICBC Standard Bank as joint lead managers on Vodafone Ukraine’s Eurobond offering of USD 500 million 5-year 6.2% loan participation notes, proceeds of which were intended for the bridge loan prepayment, among other things. DLA Piper advised Vodafone Ukraine on the issuance.
Avellum describes Bakcell, which is part of the NEQSOL Holding group of companies, as "a mobile operator and the leading mobile internet provider in Azerbaijan."
According to DLA Piper, “the proceeds of the issued notes will be advanced to Ukrainian telecom business of NEQSOL to refinance a syndicated bridge facility and for general corporate purposes of telecom businesses. This is an important transaction for the Ukrainian market as the interest rate marks the lowest USD coupon achieved by a corporate issue from Ukraine and is the first takeout loan with a two-year call option.”
Avellum's team was led by Senior Partner Glib Bondar with support from Partner Vadim Medvedev, Senior Associates Anton Zaderyholova, Tetiana Mykhailenko and Anastasiya Voronova, and Associates Yelyzaveta Kravtsova, Oleg Krainskyi, Anna Mykhalova, and Mariana Veremchuk.
DLA Piper's Kyiv-based team included Partners Illya Sverdlov, Galyna Zagorrodniuk, and Oleksandr Kurdydyk, Senior Associate Dmytro Rylovnikov, Legal Directors Natalia Kirichenko and Dmytro Pshenychniuk, Associates Olena Stanishevska, Ivan Shatov, and Viktoriia Luganska, and Junior Associates Kateryna Tyshchenko and Andrii Falendysh. The firm's London-based team consisted of Partners Mark Dwyer, Ben Brown and Tony Lopez, Senior Associate Mei Mei Wong, and Associates Elvis Dangol, Michael Graham, and Elizabeth Baek.