Ukraine's Nibulon restructures $80 mln syndicated loan
MOSCOW. July 9 (Interfax) - Nibulon, one of the largest operators on Ukraine's grain market and a group of international lenders led by the Netherlands' ING Bank NV have completed restructuring an $80 million pre-export credit facility (PXF), Ukrainian media reported, citing a statement the grain trader's press service posted on social media.
Nibulon and the international syndicate of ING Bank, the European Bank for Reconstruction and Development, France's Credit Agricole and Dutch development institution FMO extended the maturity of the credit line by two years.
"The restructuring of the pre-export finance facility is primarily a step taken towards Ukrainian small and medium-sized agricultural producers, as Nibulon will use the released funds to pay them. Now, as the harvesting and procurement campaigns have begun, the extension of the maturity date will allow agricultural producers to receive a fair price for the grain grown under extremely difficult conditions on time. This, in turn, will ensure the winter crops sowing campaign next year," Nibulon CEO Andrei Vadatursky said regarding the signed restructuring agreement.
"Completion of the restructuring of the PXF, being one of the main facilities financing export activities of Nibulon, is an important milestone for the company on the way towards finalization of its restructuring program. We believe that thanks to the strong support and commitment of the existing lenders during this restructuring, the company will strengthen its capital structure and will continue operating holding its position of the leading Ukrainian grain exporter," Nibulon's head of corporate finance, Vitalina Marchenko said.
The Nibulon group has more than 25 Ukrainian and foreign creditors, with most of which the company has already signed terms for debt restructuring.
Nibulon, which was founded in 1991, owned 27 transshipment terminals and complexes for receiving crops with combined storage capacity of 2.25 million tonnes, and a fleet of 83 vessels (including 23 tugboats) before the start of the conflict in Ukraine. The company also owned the Nikolayev Shipyard, cultivated 82,000 hectares of land in 12 regions of Ukraine and exported agricultural products to over 70 countries. The company's exports of agricultural products peaked at 5.64 million tonnes in 2021.
Nibulon now operates at 32% of capacity and it has moved its headquarters from Nikolayev to Kiev.