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EBRD closes €82 million syndicated loan to Russia's Vena
Brewer of famous Nevskoye beer will undertake extensive expansion programme
The European Bank for Reconstruction and Development is lending €82 million to one of Russia's leading premium beer producers, St Petersburg-based AO Vena Brewery, to complete an extensive expansion programme and restructure its balance sheet.
Reflecting strong foreign investment interest in the sector, €38 million of the loan has been syndicated to commercial banks Danske Bank A/S, Raiffeisen Zentralbank Österreich AG and Nordeabank Finland PLC.
Vena, an affiliate of Baltic Beverages Holding AB (BBH), a joint venture of Carlsberg Breweries A/S and Hartwall AB, brews its own leading premium brand Nevskoye, as well as the Tuborg brand under license from Carlsberg Breweries A/S.
Hans Christian Jacobsen, the EBRD's Director of Agribusiness, said that with the famous Nevskoye brand, as well as the support of a strong international sponsor, the EBRD and commercial banks, Vena is well positioned to thrive in the competitive Russian beer market.
Lorenz Jorgensen, the EBRD's Director of Syndications, said that the successful syndication of the loan was evidence of the growing appetite for well-structured credits in Russia when backed by the EBRD.
The EBRD was at one time a shareholder of Vena, owning a third of its share capital from 1997 to 2001. Barry Marshall, General Director of Vena, said his company is happy to see the continued involvement of EBRD in the new role of credit provider.
The EBRD has now signed 160 investments in the agribusiness sector totalling more than €2.8 billion.
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