Kernel, a large Ukrainian agricultural group, has entered into an amendment and restatement agreement with a syndicate of European banks and the European Bank for Reconstruction and Development (EBRD) on extending for one year its $100 million pre-export credit facility until June 30, 2022, the group has reported on the website of the Warsaw Stock Exchange (WSE).
According to the report, on September 23, 2019, Kernel signed the amendment and restatement agreement to its pre-export credit facility dated February 2, 2018. Total available limit under amended facility was increased up to $300 million by adding additional tranche of $200 million maturing on June 30, 2021.
Pre-export credit facility will be used by the company to fund the working capital needs of its grain trading and transshipment business in Ukraine.
Kernel is the world’s largest producer and exporter of sunflower oil, the leading producer and supplier of agricultural goods from the Black Sea region to the world markets.