Kernel entered into a credit facility extension agreement
Kernel entered into an amendment and restatement agreement to its pre-export credit facility dated 16 October 2017 with a syndicate of European banks.
The total available limit under the amended facility was increased up to USD 390 mln by adding additional tranche of USD 100 mln maturing 31 August 2021. The pre-export credit facility will be used by the company to fund the working capital needs of its sunflower oil production business in Ukraine.
"The tenors of existing tranches were extended for one year: US 200 mln till 31 August 2022 and US 90 mln till 31 August 2020, respectively," the report says.
In late February, Kernel attracted project financing arranged by the European Bank for Reconstruction and Development (EBRD). The financing of up to USD 56 mln will consist of EBRD loan of USD 48 mln and a USD 8 mln loan from the Clean Technology Fund (CTF), with a tenor of the loans being 8 years.