PwC Legal Ukraine and Linklaters have advised Guala Closures S.p.A. on the issue of bonds for EUR 455 million, maturing in 2024 and listed on the Luxembourg Stock Exchange. Latham & Watkins assisted Credit Suisse, Banca IMI, Barclays, UniCredit, Banca Akros, and KKR Capital Markets on the deal.
Redcliffe Partners has acted as Ukrainian legal counsel to Ferrexpo plc., a leading European producer of iron ore pellets, in connection with a USD 400 million four-year committed revolving pre-export finance facility from a syndicate of nine foreign banks and financial institutions, with BNP Paribas S.A. and Deutsche Bank AG acting as mandated lead arrangers. Milbank, Tweed, Hadley & McCloy was lead counsel to Ferrexpo, while the lenders were advised by Dentons.
Currency regulations in Ukraine have always been among the most significant impediments to foreign investments and access of Ukrainian businesses to foreign markets. In 2014, substantial external imbalances, capital flight risks, and panic in the foreign exchange market prompted the National Bank of Ukraine (NBU) to adopt tight capital controls, a number of which remain in effect. Notwithstanding the alleged soundness of such temporary measures, both foreign investors and Ukrainian businesses have long called for clearer and more predictable currency regulations, as well as safeguards to protect their interests. In July 2018, Ukraine finally adopted the long-awaited “On Currency and Currency Transactions” law (the “Currency Law”) which is intended to replace the archaic currency control legislation. The effectiveness of the new legal framework, however, can only be assessed once the NBU lays out detailed rules in its regulations.
Avellum has advised FMO (the Dutch development bank) and Diligent Capital Partners on their joint acquisition of a 16% equity stake in Allseeds SA and on the successful application for Competition Authority approval. Hugh Owen, acting through Go2Law, advised FMO/DCP on matters of English law. Allen & Overy advised Allseeds on the deal.