CMS has advised a syndicate of banks led by ING Bank on the extension of a pre-export facility for Ukraine’s Kernel Group as well as an increase in the credit facility to USD 420 million, with an in-built possibility for a further increase to up to USD 450 million.
The Kernel Group is a producer and exporter of sunflower oil and is also a supplier of agricultural products from the Black Sea region to world markets. The company exports its products to more than 80 countries.
According to CMS, “facilities provided by a syndicate of European banks led by ING are an important financing source for Kernel’s sunflower oil production business, both in terms of its existing needs and its expansion plans, which include the commissioning of a new oil-extraction plant scheduled for spring 2022.”
Earlier this year, CMS had already advised on another extension of the pre-export facility (as reported by CEE Legal Matters on February 17, 2021).
The CMS team included Partners Elitsa Ivanova and Ihor Olekhov, Counsel Kateryna Chechulina, and Associates Khrystyna Korpan and Ivan Pshyk, with further teams in Switzerland, led by Partner Kaspar Landolt, in Luxembourg, led by Partner Vivian Walry, in the Netherlands, led by Partner Eduard Scheenstra, and in Austria, led by Partner Guenther Hanslik.