Dentons has advised The Black Sea Trade and Development Bank on its extension of a USD 69 million loan to the Russian State Transport Leasing Company to finance the construction of the Lavna Coal Transshipment Terminal at the Murmansk sea port. Allen & Overy reportedly advised the borrowers.
The Black Sea Trade and Development Bank (BSTDB) is an international financial institution established by Albania, Armenia, Azerbaijan, Bulgaria, Georgia, Greece, Moldova, Romania, Russia, Turkey, and Ukraine. Headquartered in Thessaloniki, Greece, the BSTDB supports economic development and regional cooperation by providing loans, credit lines, equity and guarantees for projects and trade financing in the public and private sectors in its member countries. The authorized capital of the Bank is EUR 3.45 billion.
Dentons describes the loan to the Russian State Transport Leasing Company (STLC) from the BSTDB as "the bank’s largest investment in Russian infrastructure development to date," and reports that "the loan agreement was signed by BSTDB President Dmitry Pankin and STLC Director General Sergey Khramagin in the presence of Prime Minister Dmitry Medvedev at the Russian Investment Forum in Sochi."
According to Dentons, the Lavna project is the first port concession in Russia. The firm reports that "the project will make a significant contribution to the development of export transport infrastructure, will increase the efficiency of coal transportation and will enhance Russia’s transit capacity in the region."
Dentons’ team was led by Russia-based Partner Timothy Stubbs and included Moscow-based Counsel Dennis Montgomery, Senior Associate Anna Booth and Associate Anna Nekhodtseva.