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CMS advises syndicate of European banks on extension and increase of pre-export credit facility for Kernel

13/ 11/ 2019
  CMS has advised a syndicate of banks (including Black Sea Trade and Development Bank) led by ING and UniCredit as mandated lead arrangers, on the extension and USD 100m increase of a pre-export credit facility to Ukraine’s Kernel Group. The total available limit under the amended facility has been increased to USD390m. Kernel Group is the world’s largest producer and exporter of sunflower oil, and a leading producer and supplier of agricultural products from the Black Sea region to world markets with a land bank of 560,000 hectares. The facility will be used to fund the working capital needs of its sunflower oil production business, including storage, transportation and trans-shipment. Thanks to the facility structure Kernel Group will have the possibility to access the funds earlier than usual and also to finance purchase of raw materials in advance to facilitate production.  The CMS team was led by Mark Segall, Partner and Head of Finance CEE/CIS with the support of a team in Kyiv consisting of Ihor Olekhov, Partner, Kateryna Chechulina, Counsel, Vyacheslav Ovechkin, Senior Associate, Khrystyna Korpan and Ivan Pshyk, (Kyiv). CMS Zurich, CMS Luxembourg and CMS Amsterdam also assisted.  Mark Segall comments: “Since having first been made available to Kernel in 2008 this credit line has further developed and evolved. This time it involved a complex structuring to allow earlier access to funds, as well as required comprehensive advice to the parties to align the interests of all parties. We were pleased to be able to bring our strong expertise in PXF for Ukrainian agribusinesses to help everyone achieve their financial goals on time by completing the transaction in less than two months”. -END- For further information, please contact: Darina Gordienko CMS Cameron McKenna Nabarro Olswang E:[email protected] / +38044 3913377 NOTES TO EDITORS About CMS CMS provides clients with specialist, business focused advice in law and tax matters. With over 4,500 legal professionals across the world, working in sector-based teams and expert in project management, our focus is on our clients and fulfilling their objectives. CMS is a full-service top 10 global law firm, based on the number of lawyers (Am Law 2018 Global 100). With 70+ offices in 40+ countries across the world, revenues totalled €1.36bn in 2018. CMS acts for the majority of the DAX 30, a large number of the FT European 500 and a number of Fortune 500 companies. CMS provides a wide range of expertise across 19 expert practice and sector areas including TMT, Banking and Finance, Commercial, Competition, Corporate, Dispute Resolution, Employment, Energy, Funds, Intellectual Property, Life Sciences/ Pharmaceuticals, Real Estate & Construction and Tax. For more information, please visit www.cms.law CMS offices and associated offices: Aberdeen, Algiers, Amsterdam, Antwerp, Barcelona, Beijing, Belgrade, Berlin, Bogotá, Bratislava, Bristol, Brussels, Bucharest, Budapest, Casablanca, Cologne, Dubai, Dusseldorf, Edinburgh, Frankfurt, Geneva, Glasgow, Hamburg, Hong Kong, Istanbul, Kyiv, Leipzig, Lima, Lisbon, Ljubljana, London, Luxembourg, Lyon, Madrid, Manchester, Medellín, Mexico City, Milan, Monaco, Moscow, Munich, Muscat, Paris, Podgorica, Prague, Reading, Rio de Janeiro, Riyadh, Rome, Santiago de Chile, Sarajevo, Seville, Shanghai, Sheffield, Singapore, Sofia, Strasbourg, Stuttgart, Tirana, Utrecht, Vienna, Warsaw, Zagreb and Zurich.

CMS has advised a syndicate of banks (including Black Sea Trade and Development Bank) led by ING and UniCredit as mandated lead arrangers, on the extension and USD 100m increase of a pre-export credit facility to Ukraine’s Kernel Group. The total available limit under the amended facility has been increased to USD390m.

Kernel Group is the world’s largest producer and exporter of sunflower oil, and a leading producer and supplier of agricultural products from the Black Sea region to world markets with a land bank of 560,000 hectares. The facility will be used to fund the working capital needs of its sunflower oil production business, including storage, transportation and trans-shipment. Thanks to the facility structure Kernel Group will have the possibility to access the funds earlier than usual and also to finance purchase of raw materials in advance to facilitate production. 

The CMS team was led by Mark Segall, Partner and Head of Finance CEE/CIS with the support of a team in Kyiv consisting of Ihor Olekhov, Partner, Kateryna Chechulina, Counsel, Vyacheslav Ovechkin, Senior Associate, Khrystyna Korpan and Ivan Pshyk, (Kyiv). CMS Zurich, CMS Luxembourg and CMS Amsterdam also assisted. 

Mark Segall comments: “Since having first been made available to Kernel in 2008 this credit line has further developed and evolved. This time it involved a complex structuring to allow earlier access to funds, as well as required comprehensive advice to the parties to align the interests of all parties. We were pleased to be able to bring our strong expertise in PXF for Ukrainian agribusinesses to help everyone achieve their financial goals on time by completing the transaction in less than two months”.

-END-

For further information, please contact:

Darina Gordienko

CMS Cameron McKenna Nabarro Olswang

E:[email protected] / +38044 3913377

NOTES TO EDITORS

About CMS

CMS provides clients with specialist, business focused advice in law and tax matters. With over 4,500 legal professionals across the world, working in sector-based teams and expert in project management, our focus is on our clients and fulfilling their objectives.

CMS is a full-service top 10 global law firm, based on the number of lawyers (Am Law 2018 Global 100). With 70+ offices in 40+ countries across the world, revenues totalled €1.36bn in 2018. CMS acts for the majority of the DAX 30, a large number of the FT European 500 and a number of Fortune 500 companies.

CMS provides a wide range of expertise across 19 expert practice and sector areas including TMT, Banking and Finance, Commercial, Competition, Corporate, Dispute Resolution, Employment, Energy, Funds, Intellectual Property, Life Sciences/ Pharmaceuticals, Real Estate & Construction and Tax.

For more information, please visit www.cms.law

CMS offices and associated offices: Aberdeen, Algiers, Amsterdam, Antwerp, Barcelona, Beijing, Belgrade, Berlin, Bogotá, Bratislava, Bristol, Brussels, Bucharest, Budapest, Casablanca, Cologne, Dubai, Dusseldorf, Edinburgh, Frankfurt, Geneva, Glasgow, Hamburg, Hong Kong, Istanbul, Kyiv, Leipzig, Lima, Lisbon, Ljubljana, London, Luxembourg, Lyon, Madrid, Manchester, Medellín, Mexico City, Milan, Monaco, Moscow, Munich, Muscat, Paris, Podgorica, Prague, Reading, Rio de Janeiro, Riyadh, Rome, Santiago de Chile, Sarajevo, Seville, Shanghai, Sheffield, Singapore, Sofia, Strasbourg, Stuttgart, Tirana, Utrecht, Vienna, Warsaw, Zagreb and Zurich.

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