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CMS Advised on ING Bank-Led Syndication of USD 450M Pre-Export Financing to Kernel Group

International law firm CMS has advised a syndicate of banks led by ING Bank N.V. in relation to the extension of the pre-export facility for Ukraine’s Kernel Group, as well as an increase in the credit facility to USD 420m with in-built possibility for a further increase to up to USD 450m.

Kernel Group is the world’s leading producer and exporter of sunflower oil and the largest in Ukraine – it is also a major supplier of agricultural products from the Black Sea region to world markets. The company exports its products to more than 80 countries. Facilities provided by a syndicate of European banks led by ING are an important financing source for Kernel’s sunflower oil production business, both in terms of its existing needs and its expansion plans, which include the commissioning of a new oil-extraction plant scheduled for spring 2022.

CMS has been advising ING over the last couple of years on the overall structure of the financing and changes required to the financing terms. The financing includes an innovative structure with both resident and non-resident borrowers, in-built mechanisms for an increase to the financing, including through the accession of new lenders, and market standard negotiation provisions to address the LIBOR discontinuation. In the course of the transaction, CMS also advised on the accession of a new lender to the syndicate and related redistribution of lenders’ participation in the facility.

The CMS team was led by partners Elitsa Ivanova, Ihor Olekhov and counsel Kateryna Chechulina and included associates Khrystyna Korpan and Ivan Pshyk, as well as CMS lawyers in Switzerland, led by partner Dr Kaspar Landolt; in Luxembourg, led by partner Vivian Walry; in the Netherlands, led by partner Eduard Scheenstra; and in Austria, led by partner Günther Hanslik.

Kateryna Chechulina comments: “We would like to thank ING and Kernel for choosing CMS as their long-standing legal partner. We are pleased to assist the banks syndicate in the realisation of their business goals and to contribute to yet another successful completion.”

Ihor Olekhov adds: “CMS has an outstanding multi-jurisdictional team that regularly handles complex financings in the agricultural and other sectors. Our English law expertise on the ground in Kyiv, coupled with excellent local knowledge and diverse experience in syndicated finance, enables us to efficiently and smoothly handle complex transactions within the tightest of timelines.”


For further information, please contact:

Darina Gordienko

E: darina.gordienko@cms-cmno.com

Elitsa Ivanova

E: elitsa.ivanova@cms-cmno.com

T: +044 391 3377

Ihor Olekhov

E: ihor.olekhov@cms-cmno.com

Kateryna Chechulina

E: kateryna.chechulina@cms-cmno.com

Notes to editors:

Founded in 1999, CMS is an integrated, multi-jurisdictional organisation of law firms that offers full-service legal and tax advice. With more than 70 offices in over 40 countries across the world and more than 5,000 lawyers, CMS has long-standing expertise both in advising in its local jurisdictions and across borders. From major multinationals and mid-caps to enterprising start-ups, CMS provides the technical rigour, strategic excellence and long-term partnership to keep each client ahead in its chosen markets.

The CMS member firms provide a wide range of expertise across 19 practice areas and sectors, including Corporate/M&A, Energy & Climate Change, Infrastructure & Projects, Funds, Life Sciences & Healthcare, TMC, Tax, Banking & Finance, Commercial, Competition & EU, Dispute Resolution, Employment & Pensions, Intellectual Property and Real Estate.

For more information, please visit cms.law

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