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CMS Advises KEXIM on Refinancing for Ukrainian Grain Port Terminal

A multi-office CMS Cameron McKenna Nabarro Olswang team has advised the Export-Import Bank of Korea (KEXIM), the export credit agency of South Korea, on a secured US$36 million financing to Grain Terminal Holdings, a Singapore-based joint venture between Posco International (Korea's largest trading company) and the Orexim Group (a leading agri transshipment and exporting company in Ukraine), that controls a Ukrainian grain terminal (MMW) based in Mykolaiv, Ukraine. The security package includes a mortgage over the Ukraine-based port terminal and security over shares in various companies within the joint venture group.

MMW used the on-lent proceeds to refinance an earlier loan from The Black Sea Trade & Development Bank (BSTDB) used to modernise and expand MMW increasing its annual grain storage capacity to 2.5 million tons.

Elitsa Ivanova, Partner and Head of Finance at CMS Sofia, comments: “We are pleased to have successfully advised KEXIM on this financing deal. This deal is one of the few high-profile corporate financings that we have seen in Ukraine this year, and even more so in these current challenging times. Not only does our work demonstrate CMS’s cross-border expertise, but it also highlights our capabilities in the agriculture sector in the region.”

This transaction highlights CMS’ capabilities to assist clients around the globe, coordinating across time zones. The CMS team (that was led by Elitsa Ivanova) included the following lawyers from three offices: partner Elitsa Ivanova and associate Katerina Hristova (Sofia); partner Ihor Olekhov, counsel Kateryna Chechulina, senior associate Orest Matviychuk and associates Ivan Pshyk and Iryna Kravchenko (Kyiv); partner Toby Grainger, senior associate Sam Ng and associate Eric Lai (Singapore).

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