Kernel Holding Signs Addendum to USD 500 mn Credit Agreement
OREANDA-NEWS. Following the current report no 44/2011 dated 18 August 2011, Kernel Holding S.A. reports that on 21 August 2013 Kernel Trade LLC, a subsidiary of Kernel Holding S.A., signed an addendum to a USD 500 million credit agreement (“the Addendum”) with a syndicate of banks, with respect to the renewal of a USD 222 million short-term tranche.
The USD 500 million facility is structured as a dual tranche credit, including (1) a USD 278 million long-term tranche available to the Company until 31 July 2014 and (2) a USD 222 million one-year tranche which is renewable subject to the lending syndicate’s approval. The facility will be drawn to finance the purchase, storage and processing of sunflower seed into sunflower oil and meal for domestic sale or export.
The Addendum shall come into force as of the date of registration of the agreement with the National Bank of Ukraine which is expected to be received in the beginning of September.