Redcliffe Partners, working alongside Clifford Chance, has acted as legal counsel to the EBRD and the IFC in connection with their extension of two parallel senior secured loans to M.V. Cargo to finance the construction of a new private grain terminal in Ukraine’s Black Sea commercial port, Yuzhny.
The two loans amount to a total of USD 74 million. The total projects costs are estimated at approximately USD 150 million.
The project is being undertaken jointly by M.V. Cargo, Cargill, the world’s largest provider of agricultural products and services, and the Ukrainian Sea Ports Authority, a state enterprise managing Ukrainian seaports and infrastructure. The new terminal, which is expected to begin operations in spring 2018, will allow the cargoes of high tonnage vessels to be processed, and will be capable of handling up to five million tons of grain annually.
Redcliffe’s team advising on the transaction included Managing Partner Olexiy Soshenko, Associate Evgeniy Vazhynskiy, and Junior Associate Anatoliy Doludenko.
Commenting on the project, Olexiy Soshenko, Head of the Redcliffe Partners' Banking & Finance practice, said: “We are proud to have been able to support our long-standing clients in this strategic project finance transaction. The new terminal will significantly contribute to port facilities in the Black Sea region, and will benefit Ukrainian farmers and the overall development of agribusiness in the region.”
Clifford Chance advised the EBRD and IFC on the English law aspects of the financing.
Editor's Note: After this article was published CEE Legal Matters was informed that CMS had advised M.V. Cargo on the financing.
