IFC loans USD 40 mln to Kernel

The International Finance Corporation (IFC), a member of the World Bank Group, considers the provision of up to USD 40 mln to Kernel in a USD 200 mln senior secured borrowing base facility.

The IFC facility has helped and will continue to help Kernel manage its grain value chain from production and storage in Ukraine to commercialization in multiple destinations through its infrastructure and trading segment, the project description reads.

This segment includes an inland grain silo network of 30 silos with a total grain storage capacity of 2.3 mln t and two export port terminals for grain storages and transhipment facilities, located in the port of Chornomorsk.

"The IFC Participation benefits from IFC’s Ukraine Grain Storage Upstream Project (#605402) which helped Kernel design and initiate a program on increasing the efficiency of its grain trading operations by transferring its long-term grain storage function to its partner farms and grain suppliers," the statement reads.

Previously reported that Kernel Holding S.A. redeems the outstanding 8.75% guaranteed notes due 2022 in December of the current year.