International law firm CMS has advised ING Bank N.V. (ING) on a USD 100m three-year syndicated pre-export finance facility for Nibulon SA, which belongs to the Group of NIBULON, one of Ukraine’s leading agribusiness companies. ING acted as one of the mandated lead arrangers and also as bookrunner, facility and security agent, the local and offshore account bank. The loan will be used to finance seasonal working capital needs associated with NIBULON’s trading operations.
CMS advised on English, Ukrainian and Swiss law aspects, providing crucial support on structuring aspects of the refinancing and successfully negotiating terms of the existing lending arrangements by ING.
In addition, CMS advised the syndicate of lenders on the switch from LIBOR to risk-free rate. This gave the team unique expertise in documenting the switch mechanics and key commercial issues that parties may experience during similar transactions.
Elitsa Ivanova comments: “We are delighted to have assisted long-standing client ING. As a global law firm with deep roots in Central and Eastern Europe, CMS is well-placed to steer clients through complex and multi-jurisdictional financing deals”.
Kateryna Chechulina adds: “This transaction demonstrates the international banks’ appetite to continue supporting Ukraine’s agriculture sector and contributing to its development. We are proud to have been entrusted by ING and Nibulon to support them as long-standing partners once again”.
Kaspar Landolt also commented: ”CMS presence in the world’s biggest commodities trading hubs and close ties with our colleagues globally have again proven to be of utmost value in sealing such transactions for both the lenders and the borrowers in commodities business. We are happy to support our clients in a professional and highly efficient way being where they need us”.
The CMS team was led by Banking & Finance partner Elitsa Ivanova (English law) and counsel Kateryna Chechulina and included Banking & Finance partner Ihor Olekhov (Ukrainian law), Banking & Finance partner Kaspar Landolt (Swiss law), Tax partner Mark Cagienard (Swiss law), Banking & Finance counsel Dominique Gemperli (Swiss law), as well as associates Khrystyna Korpan and Ivan Pshyk and lawyers Iryna Kravchenko and Olga Stetsenko (all Banking & Finance).