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20 June 2008

Sayenko Kharenko advises on financing CJSC “Crimea TITAN”

Sayenko Kharenko has acted as a Ukrainian legal counsel to Commerzbank AG on providing 85% of the loan totaling EUR 36.5 million (USD 56.7 million) to CJSC "Crimea TITAN", the largest Eastern European titanium dioxide producer. The loan would be used to set up a new plant for sulphuric acid production.

The trade finance transaction in amount up to EUR 31 million is covered by the export credit agency – Euler HERMES Kreditversicherungs AG, acting for the Federal Republic of Germany. Supported by the state, Commerzbank AG was able to provide CJSC "Crimea TITAN" with an 11-year door-to-door financing priced at 6 month EURIBOR+0.75 % p.a. CJSC "Crimea TITAN" is one of the leading chemical production companies with more than 30-year history, well-known on international market.

The company is a producer of titanium dioxide and other types of chemical products. In 2007 "Crimea TITAN" was granted the "Leader of the Industry and Business in Ukraine – 2007" Award, recognizing the company’s significant contribution into the national economy of Ukraine.

Sayenko Kharenko is well reputed for advising on corporate financing transactions. In 2007-2008 Sayenko Kharenko advised international banks and financial institutions on a number of corporate financings including: syndicated loan to DTEK (SCM Group); loan financing to Interpipe and one of the largest corporate financings in Ukraine so far to Ukrzaliznytzya.

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