International law firm CMS has advised an ING-led syndicate of international banks, including the European Bank for Reconstruction and Development (EBRD), Crédit Agricole - Corporate Investment Bank (CACIB), and Dutch development bank FMO, on the restructuring of Nibulon’s pre-export credit facility (PXF). Nibulon is a Ukrainian agricultural company specialising, inter alia, in the production and export of grains such as wheat, barley and corn.
The CMS team provided comprehensive support across the entire financing transaction and its restructuring, including on complex structural aspects, negotiations to align the positions of different parties, developing and tailoring the right restructuring options and arrangement and other aspects of the transaction. The arrangement involved satisfying special conditions, which then activated special interim terms of the PXF, including extended maturity, adjusted interest rate and other conditions to facilitate debt servicing by Nibulon. CMS advised comprehensively on English, Ukrainian and Swiss law aspects.
Kateryna Chechulina, English and Ukrainian law qualified Counsel in the Banking & Finance practice at CMS, commented: “Successfully concluding this complex restructuring process marks a significant milestone for Nibulon and its creditors. Amidst an unprecedented geopolitical situation, we are pleased to have supported our clients in facilitating this important agreement, which not only safeguards Nibulon's financial security but also supports the resilience of Ukraine's agricultural sector, which is crucial for the country's economy.”
Ihor Olekhov, partner and Head of Banking & Finance practice in Kyiv commented: “Notwithstanding the huge challenges faced by its business in Ukraine Nibulon continues to develop and grow. This transaction would contribute substantially to its future successes. We are pleased to find the right legal solutions across numerous jurisdictions, tight deadlines and seemingly impossible challenges faced by the parties.”
The CMS team was led by Kateryna Chechulina and involved English law qualified Partner Elitsa Ivanova (CMS Sofia), Emma Riddle (CMS London), CMS Zurich team of Kaspar Landolt (Partner in banking & finance), Mark Cagienard (Swiss law Tax partner), Dominique Gemperli (Counsel) and CMS Kyiv team of Ihor Olekhov (Partner and Head of Banking & Finance), Iryna Barlit (Associate) and Ruslan Dotsenko (trainee).