Chadbourne & Parke Represented EBRD and IFC in Euro 100 Million Project Financing
Of Euro 193 Million Float Glass Factory Being Built in Moscow by Pilkington Glass LLC.
Chadbourne & Parke LLP recently represented both the European Bank for Reconstruction and Development and the International Finance Corp. as senior lenders in a Euro 100 million project financing of a Euro 193 million float glass factory to be constructed in Moscow by Pilkington Glass LLC.
The 18-month-long transaction, which closed with full funding in the second quarter of this year, was one of the largest joint EBRD/IFC project financings to date in Russia. The plant is a 50-50 joint venture between Pilkington plc and Emerging Markets Partnership.
EBRD and IFC signed loan agreements with Pilkington with respect to the loan facility to be used to construct and operate the float glass plant in the Moscow region. EBRD lent Euro 57.5 million for the 243,000 ton plant, while IFC lent Euro 42.5 million. The capital cost of the plant is Euro 156 million.
Heading up Chadbourne’s work on the deal were Moscow office partner Laura M. Brank and London partner Denis Petkovic. Also working on the deal were Adrian Congdon and Sasha Ferrigan of the London office and Konstantin Konstantinov, Ilya Glotin, Max Goldman and Ekaterina Abrossimova of the Moscow office.
Pilkington, one of the world’s largest manufacturers of glass and glazing products for building, automotive and related technical markets, sees the plant as a first step in establishing a growth opportunity in Russia, an important expanding market for glass.