CMS Cameron McKenna Nabarro Olswang in Kyiv has advised a syndicate of banks led by ING Bank N.V. as mandated lead arranger in relation to the extension of the pre-export facility for Ukraine\u2019s Kernel Group. The total amount of the credit facility is USD300 million.<\/p>\n
Kernel Group is the world\u2019s leading and the largest in Ukraine producer and exporter of sunflower oil, and major supplier of agricultural products from the Black Sea region to world markets. The company exports its products into more than 80 countries.<\/p>\n
CMS advised on\u00a0the overall structure of the facility and the\u00a0addition of a Ukrainian entity as a co-borrower to enable simpler and quicker access to the facility proceeds\u00a0by\u00a0Kernel Group. This is an innovative structure for Ukraine and it became possible\u00a0as a result of\u00a0gradual\u00a0liberalisation of currency controls in the country since early-2019. The\u00a0new\u00a0structure of the facility also allows specific lenders to re-join the facility at a later stage thereby providing Kernel Group with flexibility to access additional funding\u00a0in the future.<\/p>\n
The CMS team was led by partner Elitsa Ivanova and counsel Kateryna Chechulina and included partner Ihor Olekhov, associate Khrystyna Korpan and lawyer Ivan Pshyk, as well as\u00a0CMS\u00a0lawyers\u00a0in Zurich, Luxembourg, Amsterdam and Vienna.<\/p>\n
Kateryna Chechulina<\/strong> comments: \u201cDespite unexpected circumstances that added more complexity to the transaction and affected its timing, we are pleased to have been able to assist our long-standing client ING Bank and complete this deal successfully.\u201d<\/em><\/p>\n Ihor Olekhov<\/strong> adds: \u201cCMS has built a strong track record advising banks in the agricultural sector and continues to support clients to ensure continuity of operations and supply of food products while navigating the ongoing impact of the pandemic.\u00a0Interestingly, we have managed to do this innovative transaction seamlessly and efficiently while our CMS team across six jurisdictions\u00a0of Europe were working mostly from home.\u201d<\/em><\/p>\n -END-<\/p>\n For further information, please contact:<\/strong><\/p>\n Darina Gordienko<\/p>\n CMS Cameron McKenna Nabarro Olswang<\/p>\n