Kernel, a large Ukrainian agrarian group, has renewed its grain pre-export credit facility with a syndicate of European banks, the company has said on the Warsaw Stock Exchange (WSE).
A one-year secured revolving facility with a limit of $215 million is used by the company to fund the working capital needs of its grain export business in Ukraine.
Kernel in August 2011 raised a pre-export credit facility with a limit of $500 million, consisting of two tranches: a long-term facility of $278 million until July 31, 2014 and a renewable one-year facility of $222 million.
Kernel is a vertically integrated company which has been operating in the Ukrainian agribusiness sector since 1994. The group produces sugar and sunflower oil, distributes bottled oil under the brand names Schedry Dar, Stozhar and Chumak Zolota, exports oil and grain and provides elevator storage services for grain and oilseeds.
