CMS advises syndicate of European banks on extension and increase of pre-export credit facility for Kernel
CMS hasadviseda syndicate of banks (including Black Sea Trade and Development Bank) led by ING and UniCredit as mandated lead arrangers, on the extension and USD 100million increase of a pre-export credit facility toUkraine’sKernel Group. The total available limitunder the amended facilityhas beenincreasedto USD390million.
Kernel Groupis the world’slargest producer and exporter of sunflower oil,and a leading producer and supplier of agricultural products from the Black Sea region to world markets with a land bank of 560,000 hectares.The facility will be used to fund the working capital needs of its sunflower oil production business,including storage, transportation and trans-shipment. Thanks to the facility structure Kernel Group will have the possibility to access the funds earlier than usual and also to finance purchase of raw materials in advance to facilitate production.
The CMS team was led by Mark Segall, partner and head of finance CEE/CIS with the support of a team in Kyiv consisting of Ihor Olekhov, partner, Kateryna Chechulina, counsel, Vyacheslav Ovechkin, senior associate, Khrystyna Korpan and Ivan Pshyk. CMS Zurich, CMS Luxembourg and CMS Amsterdam also assisted.