INTEGRITES advised Nibulon on a landmark USD 500 million restructuring

INTEGRITES has advised Nibulon, the leading grain exporter in Ukraine, on restructuring of up to USD 300 million bilateral facility granted by DEG (German Development Finance Institution), EIB (European Investment Bank), EBRD (European Bank for Reconstruction and Development).

The firm advised on all aspects of the case, including elaboration of a multilateral instrument – override agreement, negotiations with the creditors, security and financing documents and guarantees.

Led by Partner Igor Krasovskiy, the team working on the project included Counsel Olena Savchuk, Senior Associate Yuriy Korchev, junior associates Artem Suchenko and Tetiana Buslova.

The project has come as the final, third stage of a complex restructuring effort up to USD 500 million performed by Nibulon in 2024-2025 and supported by INTEGRITES.

Two earlier stages, non-contentious restructuring of a USD 120 million loan facility extended by International Finance Corporation (IFC), and restructuring of a USD 80 million pre-export credit facility (PXF) extended by a syndicate of banks, including ING Bank NV (the Netherlands), Crédit Agricole CIB, the European Bank for Reconstruction and Development (EBRD), and FMO (Dutch Entrepreneurial Development Bank), have been completed in 2024.

Igor Krasovskiy on the case:

“As Nibulon plays a critical role as Ukraine’s leading commodity exporter whose resilience during the war has a direct impact on the world’s food safety, the completed USD 500 million restructuring enhances its long-term sustainability and market position. Our team is particularly proud to have played a key advisory role in this important matter”.