Ukraine's Kernel borrows $65 mln from syndicate of European banks
KYIV. June 17 (Interfax) - Ukraine's Kernel agroindustrial group is borrowing $65 million from a syndicate of European banks.
"Kernel Holding S.A. has, through a subsidiary, entered into a $65 million credit facility with a syndicate of European banks. The one-year secured facility will be used for working capital purposes in the company's farming segment," the company said in an official announcement on its website.
Kernel is a vertically integrated company that has been operating in the Ukrainian agribusiness sector since 1994. The group produces sugar and sunflower oil, distributes bottled oil under the brand names Schedry Dar, Stozhar and Chumak Zolota, exports oil and grain, and provides elevator storage services for grain and oilseeds.
Kernel posted $98.3 million in net loss in the 2014 financial year against $111.6 million in net profit in the 2013 financial year. Its revenue shrank by 14.4%, to $2.393 billion, while earnings before interest, taxes, depreciation and amortization fell by 22.4%, to $223 million