Kernel plans to get EIB loan of up to $250 mln
Kernel, one of the largest Ukrainian agricultural groups, is at an advanced stage of obtaining long-term financing from the European Investment Bank (EIB) in the amount of up to $250 million to cover its capital expenditures for the 2019 fiscal year (started on July 1, 2018), the company said on the Warsaw Stock Exchange.
"A new $250 million term loan to be provided by a multilateral lending institution, hence confirming its good access to external liquidity," the holding said, with reference to Fitch international rating agency affirming Kernel's credit rating at "B+" with a stable outlook.
Kernel is the world's largest producer and exporter of sunflower oil, 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 vertically integrated structure of the company is based on closely related business segments: production, export and domestic sales of sunflower oil; crop production; grain exports; provision of services for grain storage and transshipment at elevators and port terminals.