Sorainen has advised the EBRD on its provision of a EUR 200 million financing package to Belarusian subsidiaries of the Kronospan group.
According to Sorainen, "EUR 40 million out of this package will be syndicated to commercial banks."
The Kronospan group manufactures wood-based panel products at over 40 sites and has 16 distribution centers in 30 countries, including almost all European countries, the USA, and China.
The EBRD's first long-term senior loan, of up to EUR 124.2 million, will finance an infrastructure upgrade at Kronospan's plant in Smorgon, the creation of a furniture production cluster and a multifunctional training and exhibition complex, and the restructuring of the company’s balance sheet. The second long-term senior loan, of up to EUR 76.7 million, will finance a capacity expansion program and an infrastructure upgrade at the Kronospan OSB FLLC plant in the Belarusian city of Mogilev, as well as refinancing the company’s existing debt to the EBRD.
Sorainen's Belarusian team consisted of Partner Kiryl Apanasevich, Senior Associate Ann Laevskaya, and Associates Artem Melnikovich and Artem Semchik.