PwC Legal Ukraine and Linklaters advised Guala Closures S.p.A. on the issue of bonds
PwC Legal Ukraine and Linklaters have successfully advised Guala Closures S.p.A. on the issue of international bonds for EUR 455 million maturing in 2024 and listed on the Luxembourg Stock Exchange.
PwC Legal Ukraine worked alongside Linklaters UK and Italy offices on Ukrainian law related matters, while Linklaters was the lead legal advisor to Guala Closures S.p.A. on the bonds issue.
Scope of work provided by PwC Legal Ukraine among others included adviсe in connection with the pledge of participatory shares of Ukrainian group company as a collateral for the bonds issue. The distinctiveness of such a work included issuing legal opinions (on the pledgor’s good standing and collateral grant opinion on the validity and enforceability of the pledge agreement). The issue of a legal opinion in commercial transactions is an unconventional practice in Ukraine due to inherent differences in legal systems, which requires sufficient drafters’ sophistication and foreign law exposure and is typically associated with higher standards of responsibility before the client and beneficiaries of the opinion.
Also, firm’s attorneys have contributed to the bonds issue offering memorandum from Ukrainian law standpoint (e.g., currency regulations, enforceability of pledge, etc), as well as revised the participatory share pledge agreement.
The PwC Legal Ukraine team was led by Oleksandra Kostrytsia (head of transactions) under the supervision of Alexey Katasonov (partner, corporate and M&A). It was comprised of senior associates Artur Chepenko and Nadiya Nazarchuk.
PwC Legal Ukraine has had a long standing business relationship with Guala Closures Group acting as a primary legal advisor in Ukraine since 2012.