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19 March 2008

Asters advised EBRD in the third stage of EUR 32 million secured financing of OJSC "Farmak"

Asters acted as a Ukrainian counsel to European Bank for Reconstruction and Development (EBRD) in the third stage of implementation of EUR 32 million secured loan facility from EBRD to OJSC "Farmak", a major manufacturer of pharmaceutical products in Ukraine.

The third stage of EBRD’s financing to OJSC "Farmak" was successfully completed by execution on 14 March 2008 of the Mortgage Agreement and the Movable Pledge Agreement in order to enable OJSC "Farmak" to receive another tranche under the EUR 32 million Loan Agreement with EBRD, dated 1 December 2006. The first and the second stages of the facility were completed by execution of the mortgage agreements in February and September 2007.

Asters' banking and finance team advising on the transaction was led by partners Armen Khachaturyan and Iryna Pokanay and included associate Gabriel Aslanyan.

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