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Sayenko Kharenko advised EBRD on the EUR 40 million loan to Ukraine’s leading wood panel producer
Sayenko Kharenko, Kyiv, Ukraine
Tue, April 05, 2016
Sayenko Kharenko acted as legal counsel to the European Bank for Reconstruction and Development (EBRD) on providing the EUR 40 million loan to Kronospan UA, a wood-based panel producer, to finance its capital expenditure.
The project assumes upgrading of the key production facilities and equipment. The financing raised under the project will also be used by Kronospan UA to invest into a new biomass boiler that should allow to significantly reduce greenhouse emissions. Kronospan UA will be the first wood-panel producer installing such a boiler onsite and will set the standard for energy and waste efficiency in the sector.
The total project cost is EUR 67 million, of which EBRD provides EUR 40 million and the rest EUR 27 million will be complemented by Kronospan’s own funding. Kronospan UA is a Ukrainian subsidiary of Kronospan Holdings East Limited, Cyprus. Kronospan Group is the market leader in the wood-based panel sector. It manufactures wood-based panel products at over 40 sites in 27 countries. The company currently employs over 14,000 people and has revenues in excess of EUR 4.5 billion a year.
The EBRD is the largest international financial investor in Ukraine. As of 1 March 2016, it had a total cumulative commitment over EUR 12 billion in 363 projects throughout the country.
Sayenko Kharenko team for the current transaction included counsel Anton Korobeynikov, associates Alla Kushnirenko, Marta Lozenko and Taras Shyb, and was led by partner Nazar Chernyavsky._________________
Sayenko Kharenko enjoys global reputation as a leading Ukrainian full service law firm. The firm’s leading market position builds on continuous excellence of its highly specialized practice teams. In 2015 Sayenko Kharenko collected three most prestigious professional excellence awards, including Law Firm of the Year by IFLR European Awards 2015, Chambers Europe Awards for Excellence 2015, Who’s Who Legal European Awards 2015.
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