AVELLUM advises EBRD, EIB and DEG on complex debt restructuring with Nibulon

AVELLUM acted as the Ukrainian legal counsel to the European Bank for Reconstruction and Development (“EBRD”), the European Investment Bank (“EIB”), and Deutsche Investitions- und Entwicklungsgesellschaft mbH (“DEG”) (together, “Lenders”) in connection with a USD171 million debt override agreement entered into with Nibulon Ltd (“Nibulon”).

The executed override agreement, together with the accompanying security documentation, covers the Nibulon’s credit portfolio with the Lenders and represents an important milestone in the company’s broader debt restructuring programme (“Transaction”). The Transaction underscores international lenders’ continued confidence in the long-term development of the Nibulon’s business and highlights their strong support for Ukraine’s agricultural exports and economic recovery during wartime.

AVELLUM advised the Lenders on all aspects of Ukrainian law, including transaction structuring, preparation of the override agreement, negotiations with Nibulon, security and financing documentation, and regulatory and currency control compliance.

The Transaction follows earlier restructuring arrangements completed by Nibulon in 2024 with other financial partners, including the restructuring of a USD120 million loan facility from the International Finance Corporation, and the restructuring of a USD80 million pre-export credit facility (PXF) from a syndicate of banks, including ING Bank NV, Crédit Agricole Corporate and Investment Bank, EBRD, and FMO, the Dutch Entrepreneurial Development Bank.

The AVELLUM team was led by senior partner Glib Bondar, with significant support from of-counsel Yurii Krasnoliudskyi, senior associate Andrii Kroshko and associates Nikita Tipikin-Holovko and Elina Kryhan.