Kernel, one of the largest Ukrainian agricultural groups, has agreed with a syndicate of European banks on the extension of a renewable credit line worth $230 million.

According to a report on the website of the Warsaw Stock Exchange, the company uses the funds to finance the working capital of grain exports.

As reported, in August 2014 Kernel agreed with a syndicate of European banks on the extension of credit lines totaling $230 million.

Kernel in August 2011 attracted pre-export financing of $500 million, consisting of two tranches: a long-term one worth $278 million until July 31, 2014 and a renewable one-year one for $222 million.

Then, in August 2013, Kernel agreed with a syndicate of banks on the extension of an annually renewable tranche of $222 million.

Kernel is a vertically integrated company which has been operating in the Ukrainian agribusiness sector since 1994. The group produces sugar and sunflower oil, distributes bottled oil under the brand names Schedry Dar, Stozhar and Chumak Zolota, it also exports oil and grain, and provides elevator storage services for grain and oilseeds.