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AEQUO Advised POSCO International Corporation with Respect to their Largest Refinancing Deal in Ukraine

04/ 09/ 2020
  AEQUO advised POSCO International Corporation (Koreas largest trading company) on a secured USD 36,000,000 financing from Export-Import Bank of Korea (KEXIM) to Grain Terminal Holdings, a Singapore-based joint venture between Posco International Corporation and Orexim Group (Orexim) (a leading agri transshipment and exporting company in Ukraine), that controls a Ukraine-based Private Joint-Stock Company “Mykolaiv Milling Works” (MMW). The security package includes a mortgage over the real-estate and moveable assets of MMW and security over shares in various companies within the joint venture group. MMW used the loan proceeds to refinance an existing EUR 31,000,000 loan from The Black Sea Trade & Development Bank (BSTDB) obtained to modernise and expand MMWs production facilities and increase of its annual grain storage capacity to 2.5 million tons. AEQUOs team also assisted POSCO International Corporation and MMW with various project completion and port-completion matters related to the refinancing project. Anna Babych, Partner and Head of Head of Corporate / M&A at AEQUO, comments: “Ukraine has large potential for further growth of its agricultural sector and especially now, when the Ukrainian Parliament has finally abolished the moratorium on sale of agricultural land, both investors and lenders show their high interest in this industry. We are honoured to advise our long-standing client, POSCO International Corporation, on this deal and are proud that that our client continues to lead the way for other large international players and arranging the provision of financial support to their Ukrainian subsidiaries, helping them achieve new business heights and expand their business. At AEQUO, we are both happy and excited to further strengthen our refinancing capabilities and agricultural industry focus by successfully completing this complicated and challenging deal”. In 2019, AEQUO advised POSCO International Corporation on the purchase of a controlling stake in grain terminal business from Orexim Group (Orexim) and the establishment of a joint venture over the business. As a result of the transaction, POSCO International Corporation became the first Korean entity holding operating rights to a grain storage facility overseas. KEXIM is an official export credit agency (ECA) providing comprehensive export loan and guarantee programs to support Korean enterprises conducting business overseas. AEQUO’s team was co-led by partner Anna Babych with support from an of counsel, Maria Tsabal, and associate, Olesia Mashtaler. About the firm AEQUO is an advanced industry-focused Ukrainian law firm made up of highly qualified, internationally recommended lawyers who work proactively to help their clients reach their business goals. Backed up by solid industry expertise and a thorough understanding of business we develop innovative strategies and provide efficient solutions to the most complex and challenging matters. AEQUO provides integrated legal support in areas such as antitrust and competition, banking and finance law, intellectual property, corporate and commercial law, mergers and acquisitions, taxation, litigation and international arbitration, and capital markets. The list of AEQUO’s representative clients includes leading Ukrainian and international companies and organizations, such as Agroprosperis, Apax Partners, Apollo, Bunge, DuPont, EBRD, European Commission, Google, Inditex Group, NCH Capital, Pioneer Hi-Bred International, Samsung Electronics, Sandvik, Synthon, Tetra Laval, Ukrainian Redevelopment Fund, UniCredit Group, Vodafone Ukraine etc. AEQUO has been named the Most Innovative Law Firm of the Year in Ukraine by IFLR Europe Awards 2018, Law Firm of the Year in Russia, Ukraine and the CIS by The Lawyer European Awards 2017 and one of the most innovative law firms in Europe according to the FT Innovative Lawyers 2015-2019. For additional information please contact Tatiana Bogila Bogila@aequo.ua, +380 44 490 91 00

AEQUO advised POSCO International Corporation (Korea’s largest trading company) on a secured USD 36,000,000 financing from Export-Import Bank of Korea (KEXIM) to Grain Terminal Holdings, a Singapore-based joint venture between Posco International Corporation and Orexim Group (Orexim) (a leading agri transshipment and exporting company in Ukraine), that controls a Ukraine-based Private Joint-Stock Company “Mykolaiv Milling Works” (MMW).

The security package includes a mortgage over the real-estate and moveable assets of MMW and security over shares in various companies within the joint venture group.

MMW used the loan proceeds to refinance an existing EUR 31,000,000 loan from The Black Sea Trade & Development Bank (BSTDB) obtained to modernise and expand MMW’s production facilities and increase of its annual grain storage capacity to 2.5 million tons.

AEQUO’s team also assisted POSCO International Corporation and MMW with various project completion and port-completion matters related to the refinancing project.

Anna Babych, Partner and Head of Head of Corporate / M&A at AEQUO, comments: “Ukraine has large potential for further growth of its agricultural sector and especially now, when the Ukrainian Parliament has finally abolished the moratorium on sale of agricultural land, both investors and lenders show their high interest in this industry. We are honoured to advise our long-standing client, POSCO International Corporation, on this deal and are proud that that our client continues to lead the way for other large international players and arranging the provision of financial support to their Ukrainian subsidiaries, helping them achieve new business heights and expand their business. At AEQUO, we are both happy and excited to further strengthen our refinancing capabilities and agricultural industry focus by successfully completing this complicated and challenging deal”.

In 2019, AEQUO advised POSCO International Corporation on the purchase of a controlling stake in grain terminal business from Orexim Group (Orexim) and the establishment of a joint venture over the business. As a result of the transaction, POSCO International Corporation became the first Korean entity holding operating rights to a grain storage facility overseas.

KEXIM is an official export credit agency (ECA) providing comprehensive export loan and guarantee programs to support Korean enterprises conducting business overseas.

AEQUO’s team was co-led by partner Anna Babych with support from an of counsel, Maria Tsabal, and associate, Olesia Mashtaler.

About the firm

AEQUO is an advanced industry-focused Ukrainian law firm made up of highly qualified, internationally recommended lawyers who work proactively to help their clients reach their business goals. Backed up by solid industry expertise and a thorough understanding of business we develop innovative strategies and provide efficient solutions to the most complex and challenging matters.

AEQUO provides integrated legal support in areas such as antitrust and competition, banking and finance law, intellectual property, corporate and commercial law, mergers and acquisitions, taxation, litigation and international arbitration, and capital markets.

The list of AEQUO’s representative clients includes leading Ukrainian and international companies and organizations, such as Agroprosperis, Apax Partners, Apollo, Bunge, DuPont, EBRD, European Commission, Google, Inditex Group, NCH Capital, Pioneer Hi-Bred International, Samsung Electronics, Sandvik, Synthon, Tetra Laval, Ukrainian Redevelopment Fund, UniCredit Group, Vodafone Ukraine etc.

AEQUO has been named the Most Innovative Law Firm of the Year in Ukraine by IFLR Europe Awards 2018, Law Firm of the Year in Russia, Ukraine and the CIS by The Lawyer European Awards 2017 and one of the most innovative law firms in Europe according to the FT Innovative Lawyers 2015-2019.

For additional information please contact Tatiana Bogila

Bogila@aequo.ua, +380 44 490 91 00

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