CMS has advised a syndicate of banks led by ING Bank on the adjustment to the loan repayment terms under the USD 450 million pre-export facility for Ukraine’s Kernel Group. Allen & Overy reportedly advised Natixis, one of Kernel Group's creditors. White & Case reportedly advised the Kernel Group.
Kernel Holding is Ukraine’s largest producer of sunflower oil, which it exports to over 70 countries.
According to CMS, “the adjusted repayment terms and conditions for their application during the period of standstill granted by the lenders have been developed based on IBR prepared by international financial advisers and agreed in parallel by the majority of Kernel’s bank creditors, including Natixis, the EBRD, EIB, and various Ukrainian banks. CMS also advised the PXF-lenders on the impact of Kernel’s de-listing on the PXF facilities and assisted with the implementation of the transition from LIBOR to a risk-free rate under the PXF facilities.”
The CMS team included Partners Elitsa Ivanova and Ihor Olekhov, Counsel Kateryna Chechulina, Associates Ivan Pshyk and Iryna Barlit, and Trainee Ruslan Dotsenko, as well as further lawyers in Switzerland and Luxembourg.
Editor's Note: After this article was published, White & Case confirmed its involvement to CEE Legal Matters. The firm's team included lawyers based in London and Paris.