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Deal Analysis: Kernel
06 October 2011
Dickon Harris examines one of the summer’s success stories: Kernel’s $500 million pre-export financing – the largest CIS agri-pre-export financing to date.
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Kernel
Ukraine
pre-export finance Ukraine
agri-finance
In August three bookrunners, ING Bank, UniCredit Bank, and Deutsche Bank closed the largest agri pre-export financing completed in the CIS in favour of Ukraine’s Kernel Trade, a subsidiary of Kernel Holding (Kernel) – a diversified grain and feed trading company and one of the largest exporters of sunflower oil in the world.
The $500 million deal will be drawn to finance the company’s sunflower seed purchases, storage and processing into sunflower oil and meal, and will be sold both domestically as well as aboard, in addition to its record size the deal has an unusually long tenor for an agri financing. The facility is structured as a dual tranche loan, with a $278 million three-year long-term tranche and a $222 million one-year tranche, which is subject to an extension option.
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