Kernel has signed an agreement with its creditors, in particular with Natixis, ING, the EBRD and the EIB, on the release from redemption until June 30, 2023, of two tranches of guaranteed bonds of $300 million each with a rate of 6.5% and a term of repayment in 2024 and 2027, respectively.

The holding reported on the Warsaw Stock Exchange's website that the reason for the postponement of debt payments is the difficulties associated with the Russian invasion of Ukraine, as well as with the logistics for the supply of grain and sunflower oil.

It is specified that Kernel will continue to pay interest accrued on loans in accordance with the terms of loan agreements.

At the same time, the group of companies emphasized that the postponement of the loan repayment will provide the necessary financial stability to work in the conditions of the Russian invasion of Ukraine.

In addition, the holding will continue to analyze the consequences of Russian aggression in the country and inform all parties interested in its activities about updates and changes in working conditions.

"The situation in Ukraine remains highly uncertain and the group continues to face a difficult operating environment. Normal business processes have been disrupted by the Russian blockade of Black Sea ports. This has resulted in a decline in grain and sunflower oil exports since February 24, 2022. The group welcomes the agreement to allow exports grain from the Ukrainian Black Sea ports, there are still many obstacles preventing the full resumption of exports to pre-war levels," Kernel stated.

Before the war, Kernel ranked first in the world in sunflower oil production (about 7% of world production) and its export (about 12%). It was also the largest producer and seller of bottled sunflower oil in Ukraine. In addition, the holding was engaged in the cultivation of other agricultural products and their sale.