Sayenko Kharenko acted as legal counsel to the European Bank for Reconstruction and Development (EBRD) on providing up to USD 60 million secured loan to Fozzy Group, Ukraine’s major retailer.
The funds will facilitate the opening or renovation of 41 Silpo supermarkets and stores as well as 29 Fora convenience stores. Fozzy Group will also launch the first “green” supermarket in Ukraine.
The loan will be available for disbursement in USD, EUR or UAH which will allow Fozzy Group to control its currency exchange-related risks.
Fozzy Group is one of the largest trade industrial groups in Ukraine and a leading multi-format retailer (brands such as Silpo, Fora, Fozzy C&C, and Thrash), with over 560 outlets around the country. The group’s businesses also include food production, banking, and restaurants, as well as logistics, including a postal delivery operator.
The EBRD is the largest international financial investor in Ukraine. Since the start of its operations in the country in 1993, the Bank has made a cumulative commitment of almost EUR 15 billion in 466 projects throughout the country.
Sayenko Kharenko’s team was led by partner Igor Lozenko and included associates Denis Nakonechnyi, Vladyslava Mitsai, and Vira Pankiv and junior associates Sofiia-Mariia Kuzminska and Olexander Motin.