Menu
RSS

CMS Advises Lenders on USD 400 Million Pre-export Financing for Kernel Group

CMS Advises Lenders on USD 400 Million Pre-export Financing for Kernel Group CMS Advises Lenders on USD 400 Million Pre-export Financing for Kernel Group

CMS has advised ING and UniCredit as coordinators, and lenders Citibank, BNP Paribas, Natixis, Rabobank, Arab Bank and Banque de Commerce et de Placements (BCP) on a USD 400 million pre-export financing for Kernel Group, Ukraine’s leading agribusiness.

The financing will be used to purchase sunflower seeds for the production of sunflower oil.

The lenders provided a secured revolving facility of up to USD 400 million which is secured by the assignment of export receivables and pledge of commodities and guarantees from Kernel’s key trading and operational companies. Due to its size and complexity, CMS claims, "it is likely to be regarded as the flagship agricultural commodity financing in CEE/CIS for this year."

Prague-based CMS Partner Mark Segall, who led the transaction, commented: “Despite the uncertain political situation, Ukraine’ s sunflower oil exports have continued to attract the support of international lenders this year, demonstrating sustained confidence in the Ukrainian agricultural sector. By financing through Kernel’s Swiss and British Virgin Islands subsidiaries the transaction represented a classic off-shore commodity trade structure used in many other Ukrainian PXFs. CMS is pleased to have advised lenders to Kernel for the third successive year.”

The multi-jurisdictional CMS team was led by Segall, and included Partners Kaspar Landolt, Gunther Hanslik, and Vivian Walry, Seniors Associates Andrew Hinstridge and Vyacheslav Ovechkin, and Associates Lucy Mosedale, Ross Douglas, Tetyana Mikhailenko, Andrea Ferchl, and Mark Cagienard, Kai Ruckelshausen, Nicolas Gerique, and Andreia Mihai. 

Harneys provided BVI advice.

{simplepopup name=”000” cookie="30"} If you would like to receive regular updates on CEE cases, deals, lateral moves and promotions, and legal awards or if you want to sign up to receive a hard copy of our upcoming magazine please subscribe here{/simplepopup}

Last modified onWednesday, 06 January 2016 10:34
back to top

Categories

News By Practice Area

Legal Analysis By Country

Legal Analysis By Practice Area

About Us

Contact Us