October 2021 – Kinstellar's Kyiv office has acted as a legal advisor to Private Joint Stock Company "VF Ukraine" ("VF Ukraine") on a consent solicitation in respect of the outstanding USD500 million 6.20% loan participation notes due 2025 (the "Notes") issued by VFU Funding PLC (the "Issuer"). The Notes were issued in 2020 for the sole purpose of financing a loan to VF Ukraine, which the team also advised on.

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).

Kinstellar's team was led by Counsel Dmytro Pshenychniuk and Corporate and M&A Partner Alla Kozachenko, with key support from Junior Associate Kateryna Lahodivets. Partner Illya Sverdlov and Senior Associate Lyudmyla Dzhurylyuk provided tax advice. DLA Piper's London-based partners Mark Dwyer and David Trott, assisted by Clara Fong, advised VF Ukraine on the English law aspects of the transaction.