EBRD set to loan Kernel up to USD 60 mln

The European Bank for Reconstruction and Development announced yesterday on its website that it is in the final stages of considering extending a senior secured loan of up to USD 60 mln to Kernel Group (KER PW). According to the project summary, proceeds will primarily be used to refinance a one-year bridge loan for the acquisition of a grain port terminal near Odesa. The EBRD said the loan will comprise a syndicated portion of up to USD 30 mln. Kernel acquired the terminal in June 2008 for a total consideration of USD 93 mln. The project is due to go before the EBRD board on June 16.