Asters has acted as a Ukrainian law counsel to European Bank for Reconstruction and Development (EBRD), International Finance Corporation (IFC) and Black Sea Trade and Development Bank (BSTDB) on the secured lending to Concern Galnaftogaz, a major Ukrainian petroleum distributor.
The aggregate financing package arranged by EBRD and IFC (with sub-participations by commercial banks), and BSTDB amounts to USD 180 million.
The financing will be used for modernization and expansion of Galnaftogaz' petrol filling stations network in the southern and north-eastern parts of Ukraine by up to 60 new petrol filling stations and associated increase in working capital. The financing will help develop and improve the infrastructure for tank storage and liquefied petroleum gas modules, as well as expand the network of quality convenience stores, coffee shops and restaurants.
The team advising on the project consisted of Asters partner Iryna Pokanay, associates Gabriel Aslanian, Yulia Spolitak and Inna Bondarenko working in co-operation with Allen&Overy acting as the English law counsel to the lenders.