Orders totaled $1.4 billion and the final coupon rate was set at 4.85 percent, down from an initial 5.375 percent. Eurobonds were distributed to almost 130 investors from the UK (37 percent), the US (14 percent), Germany (8 percent) and a number of other European (35 percent) and Asian (6 percent) countries.

The company’s management said the move underscored contempt for recognised principles of corporate management and one member of parliament said it could jeopardise Ukraine’s programme of the International Monetary Fund (IMF) credits – already suspended and subject to a review of a wide range of government policies.

The proceeds of the loan will finance Avrora’s working capital needs to produce and distribute staple foods like wheat flour, pasta, biscuits, and dairy products. It will also be used for additional operational expenses needed due to the COVID-19 pandemic.