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CMS advises lenders on USD 400m Pre-export Financing for Kernel Group
CMS Cameron McKenna, Kyiv, Ukraine, Friday, Sep 5, 2014
CMS hasadvised ING and UniCredit as coordinators, and lenders Citibank, BNP Paribas,Natixis, Rabobank, Arab Bank and Banque de Commerce et de Placements (BCP) on asunflower oil based pre-export financing of up to USD 400 million for KernelGroup, Ukraine’s leading agribusiness.
The lenders provided a secured revolving facility ofup to USD 400 million which is secured by the assignment of export receivablesand pledge of commodities and guarantees from Kernel’s key trading andoperational companies. Due to its size and complexity it is likely to beregarded as the flagship agricultural commodity financing in CEE/CIS for thisyear.
CMS partner Mark Segall, who led the transaction,commented: “Despite the uncertainpolitical situation, Ukraine’s sunflower oil exporters have continued toattract the support of international lenders this year, demonstrating sustainedconfidence in the Ukrainian agricultural sector. By financing through Kernel’s Swissand British Virgin Islands subsidiaries the transaction represented a classicoff-shore commodity trade structure used in many other Ukrainian PXFs. CMS ispleased to have advised lenders to Kernel for the third successive year.”
The CMS team was led by Prague-based partner MarkSegall and further comprised seniors associate Andrew Hinstridge, associates LucyMosedale, Ross Douglas and trainee Grace Ho , together with senior associateVyacheslav Ovechkin and associate Tetyana Mikhailenko (CMS Kyiv), partner Kaspar Landolt, and associates AndreaFerchl and Mark Cagienard (CMS Zurich), partner Günther Hanslik and associateKai Ruckelshausen (CMS Vienna) and partner Vivian Walry, and associates NicolasGerique and Andreia Mihai (CMS Luxembourg). Harneys provided BVI advice.
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Contact:
ErikWerkman, Head of Marketing and BD, CMS Prague
+420296 798 701
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CMS
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