Cobalt, working with Linklaters in Poland, Homburger in Switzerland, and Arendt & Medernach in Luxembourg, is representing SEB Bank in allocating EUR 80 million financing for the development of Lithuania's joint-stock stevedoring company Klaipedos Smelte. Allen & Overy is reportedly advising Klaipedos Smelte.
This is the third stage of the Klaipedos Smelte investments financed by SEB Bank since 2012.
According to Cobalt, "these investments will focus on two large STS (Ship-to-Shore) cranes for loading and unloading of container vessels, also on 10 RTG (Rubber-Tyred Gantry) cranes for loading/unloading of containers on/from trucks at the terminal, and on the development of the company‘s leased port area infrastructure. The development work has already started, [and] the company [is investing] its own funds as well."
“We have noticed that for over the last ten years container handling in the Baltic region has been growing faster than in Europe, but it was not typical for the Klaipeda Seaport," says Vilius Juzikis, member of the Board of SEB Bank, and Director of Business Banking. "The port of our country was characterized in Europe by the growth of bulk cargo flows. With the investment by Klaipedos Smelte in container handling, Klaipeda port should catch up where it has lost its position. Furthermore, the financing of Klaipedos Smelte will help to increase the company’s competitiveness in the region and make a positive impact not only on the entire Klaipeda port, but also on Lithuania’s economy."
The Cobalt team preparing and reviewing contracts and other related documents, preparing a legal opinion, and providing general advice on funding includes Partner Elijus Burgis and Associate Partner Eva Suduiko.
The Linklaters team included Warsaw-based Counsel Adrian Horne and Associate Piotr Hurkała.