Kernel attracted USD 120 mln financing by EBRD

The EBRD Board approved a USD 120 mln credit facility to finance working capital needs of Kernel Group.

The project involves the provision of up to USD 80 mln in the form of participation in a syndicated senior secured revolving credit facility to finance working capital needs of Kernel Group. Working capital financing is associated with the procurement, storage, transportation of grains and export sale. The total project cost of USD 300 mln comprises existing and increased working capital financing.

Under the terms of another project, the company will be provided up to USD 40 mln in the form of participation in a syndicated senior secured revolving credit facility to finance working capital needs. Working capital financing is associated with the procurement, storage, processing, transportation of oilseeds and vegetable oil products, and export sale. The total project cost totals USD 390 mln.

Previously reported that Kernel had entered into an amendment and restatement agreement to its pre-export credit facility dated 16 October 2017 with a syndicate of European banks.