Harneys advises on flagship agribusiness financing

Harneys acted as BVI counsel to a long-standing client CMS, advising ING and UniCredit as coordinators, and lenders Citibank, BNP Paribas, Natixis, Rabobank, Arab Bank and Banque de Commerce et de Placements (BCP) on a sunflower oil based pre-export financing of up to US$400 million for Kernel Group, Ukraine’s leading agribusiness.

The lenders provided a secured revolving facility of up to US$400 million to Kernel's BVI subsidiaries which is secured by the assignment of export receivables and pledge of commodities and guarantees from Kernel’s key trading and operational companies.

Due to its size and complexity, this is likely to be regarded as the flagship agricultural commodity financing in CEE/CIS for 2014. 

Harneys Partner Simon Hudd and Senior Associate Ellie Crespi were involved.