17:50 22.12.2009

EBRD loans $50mn to Obolon brewery

The European Bank for Reconstruction and Development (EBRD) is lending up to $50 million to CJSC Obolon brewery (Kyiv) to improve its financial state and increase energy efficiency, the bank's press service has reported.

"The loan proceeds will be used to restructure Obolon’s balance sheet as well as to finance energy efficiency investments in its production facilities," a press release reads.

The project envisages special arrangements between the EBRD and a group of commercial banks, including ING Bank Ukraine, UniCredit Bank, and Raiffeisen Bank Aval.

"EBRD’s funds will form the largest part of a financing package of $123 million and will be used for partial repayment of Obolon’s short-term loan portfolio and its restructuring through extension of tenors and maturities tailored to its cash flow. In particular the bank will be providing a seven-year facility, whereas commercial banks will extend their facilities to three years," according to the press release.

The press release reads that the energy savings will be achieved mainly through heat energy recuperation of brewing equipment, an upgrade of the electricity distribution system and optimization of the production processes.

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