Kernel Announced Signing of Syndicated Secured Financing Facility
OREANDA-NEWS. August 31, 2010. The Management of Kernel Holding S.A. is pleased to announce that the Company has successfully signed on 11 August
The Facility is structured as a dual tranche short term committed, annual extendable Syndicated Secured Financing Facility. The proceeds shall be used to finance the 2010/2011 oilseed crushing campaign, in particular the purchase, storage and processing of the sunflower seeds into oil and meal.
Anastasia Usachova, Kernel CFO, stated: "We are delighted to see the continued strong commitment of our banks to the development and success of our Company. Not only did we achieve our initial target of securing USD 230 million for the oilseed crushing campaign in this season 2010/2011, but also the strong interest shown by the banking community and eventual oversubscription enabled us to increase the amount to USD 260 million and secure the necessary financing in case of a significant price appreciation in sunflower seed, as could be the case in this financial year."
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