Redcliffe Partners acted as Ukrainian legal counsel to EBRD in connection with a EUR 13.8 million loan to be provided to Kokhavynska Paper Factory (KPF). KPF is one of the largest producers of recycled base paper and tissue in the country, and is located in western Ukraine.
The financing will allow KPF to introduce the pulp-based tissue manufacturing which will increase its production capacity, create work for new employees, and improve the company’s operating efficiency. In addition to this, a portion of the loan will be allocated to the modernisation of a wastewater filtering facility as well as to energy efficiency and climate adaptation measures. These improvements will help to reduce water usage and to cut CO2 emissions by 2,400 tonnes a year.
Redcliffe Partners provided EBRD with a full scope legal support throughout the transaction process. This included the initial due diligence of KPF, review of the term sheet, negotiation of the loan agreement and Ukrainian security, collection of conditions precedent, and issuance of the Ukrainian legal opinion. Our team advising on the transaction comprised Olexiy Soshenko, managing partner, Olesia Mykhailenko, senior associate, and Eduard Olentsevych, associate.