Sayenko Kharenko acted as Ukrainian legal counsel to J.P. Morgan Securities plc and ING Bank N.V., London Branch, joint lead managers of the debut USD 500 million Eurobond issue by Kernel Holdings S.A. (Kernel), a leading diversified agribusiness company in the Black Sea region listed on the Warsaw Stock Exchange. The bond pays interest at a rate of 8.75% p.a. and matures on 31 January 2022. The notes are expected to be rated B+ by Fitch, and B by S&P, two and one notches above the Ukrainian sovereign respectively.
Partner Nazar Chernyavsky commented: “We are proud to advise on this landmark transaction, which marks the first international corporate bond issuance from Ukraine since 2013. We hope this issuance will pave the way for a return of the Ukrainian issuers to the international capital markets.”
Read the official press release “Kernel Holding S.A. debut Eurobond pricing announcement.”