Kernel, a large Ukrainian agrarian group, has agreed to extend the one-year renewable credit line used by the company to finance its working capital, production, and exports of sunflower oil.

Kernel said on Monday that the credit line was raised from a syndicate of European banks and its limit is $350 million.

As reported, in August 2014, Kernel agreed with a syndicate of European banks to extend the credit line of $320 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.

In August 2015, Kernal agreed to the extension of the renewable credit line of $230 million with a syndicate of European banks.

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.