You're reading: Net debt of Kernel agricultural holding totals $340 million

The net debt of Kernel agricultural holding on June 30, 2015, according to a preliminary unaudited financial report prepared by the management at the request of debt capital providers, was $339.4 million.

According to a report on the website of the Warsaw Stock Exchange, about 41 percent of net debt is covered by the company’s inventory.

Net debt is calculated as the sum of a short-term interest-bearing debt, current redemption of long-term interest-bearing debts and long-term interest-bearing debts, excluding cash and cash equivalents.

As reported, Kernel, one of the largest Ukrainian agricultural groups, in late August agreed on extending the one-year renewable credit line used to finance working capital for sunflower oil production and exports.

The credit line was raised from a syndicate of European banks and has a limit of $350 million.

Earlier in August 2015 Kernel agreed with a syndicate of European banks on the extension of a $230 million renewable credit line.

In August 2014 Kernel agreed with a syndicate of European banks on prolonging a credit line for a total of $320 million.