Avellum Partners has announced that it acted as Ukrainian legal counsel to Ferrexpo in connection with three export financing credits, including a USD 14.5 million credit provided by Private Export Funding Corporation (PEFCO) to Ferrexpo’s Ukrainian subsidiary Ferrexpo Yeristovo Mining and a USD 15.8 million credit provided by PEFCO to Ferrexpo’s Ukrainian subsidiary Ferrexpo Belanovo GOK.
Both credits were guaranteed by the Export-Import Bank of the United States, and both were used to finance the purchase of mining trucks and services from the United States for Ferrexpo’s mining business in Ukraine. The third is a USD 10.7 million facility provided by AB Svensk Exportkredit to Ferrexpo Poltava Mining and guaranteed by Exportkreditnamnden, the Swedish Export Credits Guarantee Board, with BNP Paribas Fortis acting as arranger and facility agent. This facility was used to finance the purchase of equipment and services from Sweden.
According to Avellum Partners, "Ferrexpo’s resource base is the largest iron ore deposit in Europe with approximately 20 billion tons of resources. It is the largest producer of pellets in the CIS and the 5th largest supplier of pellets to the global steel industry.”
The Avellum Partners team was led by Partner Glib Bondar, with significant support from Associates Artem Shyrkozhukhov, Taras Dmukhovskyy, and Anna Melnychuk.
