11
Fri, Oct
25 New Articles

CMS Advises ING-led Syndicate on Restructuring Repayment Terms for Kernel PXF

CMS Advises ING-led Syndicate on Restructuring Repayment Terms for Kernel PXF

Ukraine
Tools
Typography
  • Smaller Small Medium Big Bigger
  • Default Helvetica Segoe Georgia Times

CMS has advised a syndicate of banks led by ING Bank on the adjustment to the loan repayment terms under the USD 450 million pre-export facility for Ukraine’s Kernel Group. Allen & Overy reportedly advised Natixis, one of Kernel Group's creditors. White & Case reportedly advised the Kernel Group.

Kernel Holding is Ukraine’s largest producer of sunflower oil, which it exports to over 70 countries.

According to CMS, “the adjusted repayment terms and conditions for their application during the period of standstill granted by the lenders have been developed based on IBR prepared by international financial advisers and agreed in parallel by the majority of Kernel’s bank creditors, including Natixis, the EBRD, EIB, and various Ukrainian banks. CMS also advised the PXF-lenders on the impact of Kernel’s de-listing on the PXF facilities and assisted with the implementation of the transition from LIBOR to a risk-free rate under the PXF facilities.”

The CMS team included Partners Elitsa Ivanova and Ihor Olekhov, Counsel Kateryna Chechulina, Associates Ivan Pshyk and Iryna Barlit, and Trainee Ruslan Dotsenko, as well as further lawyers in Switzerland and Luxembourg.

Editor's Note: After this article was published, White & Case confirmed its involvement to CEE Legal Matters. The firm's team included lawyers based in London and Paris.

Ukraine Knowledge Partner

AVELLUM is a leading Ukrainian full service law firm with a key focus on Finance, Corporate, Dispute Resolution, Tax, and Antitrust.

Our aim is to be the firm of choice for large businesses and financial institutions in respect of their most important and challenging transactions.

We build lasting relationships with our clients and make them feel secure in new uncertain economic and legal realities.

We incorporate the most advanced Western legal techniques and practices into our work. By adding our first-hand knowledge, broad industry experience, and unparalleled level of service we deliver the best results to our clients in their business endeavours. Our partners are taking an active role in every transaction and ensure smooth teamwork.

AVELLUM is recognised as one of the leading law firms in Ukraine by various international and Ukrainian legal editions (Chambers, The Legal500, IFLR1000, The Ukrainian Law Firms, and others).

Firm's website: www.avellum.com

 

Our Latest Issue