25 October 2023

The biggest Ukrainian agri-holding has agreed prolongation of short-term credit facilities, ready to repay with 25% discount.

Kernel finalizes restructuring of its short-term credit facilities, the process of which was started in Q2 2023 (basing on the terms of agreements of previous prolongation signed back in Y2022 the facilities matured in the end of June 2023).

Among the creditors are EBRD, EIB, ING and others. Total amount is $773 mln.

Under updated terms of agreements their maturities are prolonged till the end of June 2024. Meanwhile the waiver documentation permits the repayment of facilities at a minimum discount of 25%. One of the lenders has already consented to the complete settlement of its exposure at this 25% discount rate.

Kernel will continue interest payments under all loans and coupon payments under existing Eurobonds issued.