EBRD considers provision of USD 80 mln to Kernel

The European Bank for Reconstruction and Development (EBRD) considers the provision of up to USD 80 mln to Kernel Group in the form of a participation in syndicated senior secured revolving credit facility to finance working capital needs.

"The EBRD financing will support the Group's operations in what remains to be challenging environment as the Covid-19 pandemic is ongoing. Working capital financing is associated with the procurement, storage, processing, transportation of agricultural commodities, and their export," the message reads.

The total project cost is USD 300 mln.

The project may be approved on February 25.

As a reminder, in September 2019, Kernel extended its pre-export credit facility with a syndicate of European banks and EBRD. The same year, the company was provided USD 120 mln credit facility to finance working capital needs.

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