News
13.09.2011
Kernel agrees $500m syndicated loan with NBU
Kernel Group, one of the largest Ukrainian operators of the sunflower oil market and grain exporters, on September 7 signed a package of agreements to raise a $500 million syndicated loan from a group of banks headed by ING Bank N.V, UniCredit Bank AG and Deutsche Bank AG to finance the group's circulating capital.
According to a company report on the Warsaw Stock Exchange, the syndicated loan agreement has been registered in the National Bank of Ukraine (NBU) and has taken effect.
The funds raised will be used to buy sunflower seeds, and pay for their storage and processing for the sale of sunflower oil and other products of sunflower seed processing on the domestic market and abroad.
The financing consists of two tranches: a $278 million long-term loan until July 31, 2014 and a $222 million short-term loan until July 31, 2012. It will replace a $360 million loan raised last year to finance the group's operations.
