Kinstellar, working with DLA Piper's London office, has advised VF Ukraine on a consent solicitation related to the outstanding USD 500 million 6.20% loan participation notes due 2025 issued by VFU Funding plc. Slaughter and May advised VFU Funding plc, while Linklaters and Avellum advised J.P. Morgan as the solicitation agent.
According to Kinstellar, the notes were issued in 2020 for the sole purpose of financing a loan to VF Ukraine. “The objective of VF Ukraine in requesting the issuer to launch the consent solicitation was to increase flexibility to proactively manage its excess cash generation. The noteholders approved an amendment of the Loan Agreement between the Issuer and VF Ukraine to extend the latter’s possibility to pay dividends and make other restricted payments (subject to conditions).”
In 2019 VF Ukraine was acquired by NEQSOL (as reported by CEE Legal Matters on December 19, 2019).
Kinstellar’s team was led by Counsel Dmytro Pshenychniuk and Partner Alla Kozachenko and included Partner Illya Sverdlov, Senior Associate Lyudmyla Dzhurylyuk, and Junior Associate Kateryna Lahodivets.
Avellum's team included Senior Partner Glib Bondar, Senior Associate Anastasiya Voronova, and Associates Anna Mykhalova and Mariana Veremchuk.