Sayenko Kharenko has advised the EBRD on a four-year UAH-denominated loan in an amount equivalent to USD 25 million to the PJSC ProCredit Bank Ukraine.
According to Sayenko Kharenko this is one of the EBRD's first UAH-denominated loans to a commercial bank in Ukraine, "as well as the first synthetic local currency facility hedged through a cross-currency swap with the TCX fund," which will allow ProCredit Bank to make loans to Ukrainian small and medium enterprises in the local currency. In addition, according to Sayenko Kharenko, "grant funding provided through the EU Neighborhood Investment Facility will help reduce the interest rate cost of the foreign exchange risk hedge in order to achieve better cost of funding in Hryvnia."
“The growth of the SME sector is crucial for any modern economy," said Sayenko Kharenko Partner Nazar Chernyavsky, who led the firm's team on the deal. "Local currency funding will help by providing small and medium-sized enterprises in Ukraine with affordable financing. This will boost lending and fuel Ukraine's economic recovery.”
Chernyavsky.was assisted on the matter by Sayenko Kharenko Counsel Anton Korobeynikov and Junior Associates Glib Bukharin, Vira Pankiv, and Oles Trachuk.
