On 12 November 2008 EBRD and Desnagrain LLC signed a set of documents for borrowing a long-term USD 30 million loan facility from EBRD.

Desnagrain LLC is a Ukrainian subsidiary of the French agricultural cooperative Champagne Cereales, being a unit of Malteurop – one of the largest malt producers in Europe.

The above loan facility is to be granted for 5 years for the purchase of grain and oil agricultures, as well as supplies of malt seeds and fertilizers to farmers: it can be obtained in USD or UAH, which allows to avoid currency risks.

Vasil Kisil & Partners acted as a legal adviser to Desnagrain LLC and its parent company Champagne Cereales, acting as a sponsor of the project, in negotiating the loan documentation with EBRD. In particular, Vasil Kisil & Partners reviewed and commented on the draft Revolving Loan Facility Agreement, the Sponsor Support Agreement and the Deed of Subordination, setting forth the priority of the borrower’s obligations towards EBRD as compared with the other debt obligations of the borrower towards a major French banking institution.

The team of Vasil Kisil & Partners included Senior Associate Yulia Kyrpa and Associate Maryna Fedorenko, led by firm’s Partner and Head of Banking & Finance Practice Denis Lysenko.

Banking & Finance Group of Vasil Kisil & Partners is a rapidly developing practice of the firm, recommended by the latest editions of the leading international handbooks – PLC Which Lawyer? and International Financial Law Review 1000.