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03 September 2020
press release

Bulgaria: Schoenherr advised major multinational banks on a EUR 90m syndicated credit facility to leading Bulgarian agribusiness company Oliva

Schoenherr advised BNP PARIBAS (Suisse) S.A. ("BNP") as a facility agent and lender; Citibank NA, London Branch as a lender; and Black Sea Trade and Development Bank as a lender, on the Bulgarian legal aspects of a EUR 90m syndicated credit facility extended to Oliva AD ("Oliva") and Buildcom EOOD ("Buildcom"), as well as on the establishment of a Bulgarian security package for the facility.

Oliva is the biggest producer and trader of sunflowers in Bulgaria. After joining the Buildcom group in 2001, the company now leads the Bulgarian crushing market. The Buildcom group generates annual income above EUR 500m, as more than 80 % is generated by exports. The financing will support Oliva's working capital needs for operating its new sunflower and rapeseed crushing and extraction plant in the Varna region, doubling Oliva’s current production capacity and boosting its exports.

Bulgaria is the world’s fourth largest exporter of sunflower oil with Oliva being one of the most important players on the market.

Tsvetan Krumov, attorney at law and head of banking and finance Schoenherr Sofia, led the Bulgarian aspects of the transaction.

Herbert Smith Freehills acted as English law counsel to BNP and the other lenders.