AVELLUM acted as the Ukrainian legal counsel to DTEK Group in connection with the debt restructuring under the two inter-conditional English schemes of arrangement for DTEK Energy B.V. and DTEK Finance PLC.

Under the restructuring terms approved by the High Court of Justice of England and Wales, part of the current debt under DTEK Energy B.V. notes was converted into DTEK Oil & Gas B.V. notes in the amount of USD425 million at a rate of 6.75% per annum with maturity on 31 December 2026. The remaining debt (the main part of the bank debt and the noteholders debt less the amount of the issue of DTEK Oil & Gas B.V. notes) was converted into new notes of DTEK Energy B.V. in the amount of USD1.65 billion at a rate of 7% per annum and maturity on 31 December 2027.

This is one of the largest corporate debt restructurings on the Ukrainian market to date with approximately USD 2 billion total volume of the new notes.

AVELLUM team working on this restructuring was led by senior partner Glib Bondar with support from senior associate Anastasiya Voronova and associate Anna Mykhalova.

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