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Kernel secures loan of up to USD 0.4 bln

Kernel secures loan of up to USD 0.4 bln

28 August 2014

Ukrainian grain trader and leading sunflower oil producer Kernel (KER PW) reported on Aug. 28 that it has renewed its pre-export syndicate credit from European banks. The one-year revolving facility has a limit of USD 320 mln and an option to increase to USD 400 mln. The loan completes the company’s refinancing needs for the 2014/15 marketing year, Kernel’s CFO said in the release. Two weeks before, the company reported it had secured pre-export financing from European banks for up to USD 280 mln.

 

Alexander Paraschiy: It was very important to secure refinancing for Kernel, whose outstanding short-term loan amounts are usually higher than its one-year operating cash flow. This loan is especially encouraging after agricultural holding Mriya (MAYA GF) faced refinancing troubles a month ago. Clearly, Kernel’s positive image on the international capital markets made it easier to secure refinancing than for Mriya. Still, cause for caution remained before this news as a very unstable situation in eastern Ukraine has made international lenders less willing to deal with Ukrainian partners.

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