Dentons advises EBRD on US$22 million financing for Spinneys Levant Limited

Dentons advised the European Bank for Reconstruction and Development (EBRD) on a US$22 million term loan provided to Spinneys Levant Limited, a leading retailer in Lebanon operating through its subsidiary Gray Mackenzie Retail Lebanon SAL (GMRL).

Spinneys Levant Limited is the largest modern retail chain in Lebanon, operating 67 stores, including hypermarkets, discount stores, convenience outlets, Q-commerce platforms, and food and beverage establishments.

The financing will support a capital expenditure programme aimed at expanding the company's operations in Lebanon, including investments in a processing production line and the development of new stores. The financing will also be used to implement energy efficiency initiatives, which aim to reduce energy consumption by 150,844.66 GJ annually, lower CO2 emissions by 5,474.74 tCO2/year, and reduce plastic bag use by 25 percent.

Supported by EU funding under the EFSD+ Guarantee, the deal represents a rare multilateral development finance package for Lebanon, demonstrating confidence in the region even in challenging times.

The investment benefits from blended concessional finance provided by the European Union under the European Fund for Sustainable Development Plus (EFSD+) Municipal, Infrastructure and Industrial Resilience (MIIR) Guarantee Programme, marking the first operation under the programme in Lebanon.

Dentons acted as English law counsel to EBRD on the transaction. Partner Tamsyn Mileham led the cross-border team, with the support of Lara Battal and Defne Çelik in Istanbul, as well as Steeve Jaskierowicz, Philippine de Fouchier, Jean-Marc Allix and Thibault Pouillet in Paris, who advised on French law matters. Dentons collaborated with Alem Law as Lebanese law counsel and Carey Olsen as Jersey law counsel.

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