CMS has advised M.V. Cargo in respect of two parallel loans, totaling USD 74 million, made available to it by the EBRD and the IFC to partly finance M.V. Cargo’s construction of a new modern grain terminal in Ukraine’s Black Sea port of Yuzhni capable of handling up to 5 million tons of grain annually.
The overall value of the investment into the project is expected to exceed USD 150 million, and construction of the grain terminal is expected to be finalized in 2018.
According to CMS, "this financing is one of the necessary steps in the establishment of a joint venture with Cargill, a leading international agricultural company – a transaction which CMS also advised on in 2016. It is a landmark project of strategic importance to Ukraine, intended to help sustain its leading position among grain exporting countries, delivering Ukrainian grain to markets all over the world. The financing will also serve as a positive signal to foreign investors and lenders considering investing or lending into Ukraine."
The CMS financing team was led by Simona Marin and Senior Associate Kateryna Chechulina, and included Khrystyna Korpan and other lawyers from CMS’ offices in Luxembourg and the Netherlands. Partner Graham Conlon, Senior Associate Tetyana Dovgan and Associate Vitalii Mainarovych remain involved on the corporate/joint-venture side.
As previously reported, Redcliffe Partners served as Ukrainian legal counsel to the EBRD and the IFC, with Clifford Chance advising on English law aspects of the financing.
