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AVELLUM advises EBRD on UAH/EUR multi-currency loan to Nova Poshta
Avellum, Kyiv, Ukraine,
Mon, June 4, 2018
AVELLUM acted as the Ukrainian legal counsel to the European Bank for Reconstruction and Development (“EBRD”) in connection with a senior secured loan of up to EUR9.5 million to Limited Liability Company “Nova Poshta” (“Nova Poshta”).
This is one of the first UAH/EUR multi-currency loan extended to a Ukrainian company by EBRD. The loan employs innovative UAH/EUR multi-currency mechanics aimed at reducing the interest rate cost of the foreign exchange risk. This helps to achieve a better cost of funding in UAH, which would further strengthen EBRD’s position in local currency lending in Ukraine.
The loan proceeds will be used to (i) finance the design and construction of a new automated parcel-sorting terminal in the city of Khmelnytskyi and (ii) purchase the equipment for the terminal. Once operational, the terminal will allow Nova Poshta to (i) enhance the efficiency of its human resource use and (ii) optimise its operating costs.
EBRD is the largest international financial investor in Ukraine. To date, EBRD has made a cumulative commitment of almost EUR12.1 billion across some 400 projects since the start of its operations in the country in 1993.
Nova Poshta is the leader in express delivery in Ukraine, with 2,300 depots all over the country. Nova Poshta offers international delivery services to over 200 countries and employs more than 23,000 people.
The AVELLUM team was led by senior partner Glib Bondar, with support from counsel Taras Dmukhovskyy and associates Tetiana Mykhailenko, Orest Franchuk, Oleg Krainskyi, and Anna Mykhalova.