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22 December 2009

Asters Advises EBRD on USD 50 Million Financing to Leading Ukrainian Brewery

Asters acted as a Ukrainian counsel to European Bank for Reconstruction and Development (EBRD) in connection with USD 50 million loan to support Obolon in restructuring its balance sheet and funding energy efficiency investments in its production facilities.

The project envisages special arrangements between the EBRD and a group of commercial banks, including ING Bank Ukraine, UniCredit Bank Ukraine, and Raiffeisen Bank Aval. According to the arrangements, EBRD’s funds will form the largest part of a financing package of $123 million and will be used for partial repayment of Obolon’s short-term loan portfolio and its restructuring through extension of tenors and maturities tailored to its cash flow. In particular the EBRD will be providing a seven-year facility, whereas commercial banks will extend their facilities to three years.

Asters’ banking and finance team advising EBRD on the transaction included partner Iryna Pokanay and associates Gabriel Aslanian and Yulia Spolitak. Commenting on the transaction, Iryna Pokanay stated: "This transaction is notable because it required working out a uniform mechanism of inter-creditor relations which concept is not very well developed in Ukraine. We worked in partnership with Shoosmiths as an English law counsel."

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