Kernel Holding S.A.’s USD 500m guaranteed notes due in 2022


Borel & Barbey and Freshfields Bruckhaus Deringer have advised Kernel Holding S.A. on the issuance of its USD 500m guaranteed notes due in 2022, carrying an interest rate of 8.75%.

Kernel is a diversified Ukrainian-based agribusiness company listed on the Warsaw Stock Exchange. It is a leading exporter of, among other products, sunflower oil and grains.

This transaction is the first corporate bond issuance by an Ukrainian group since 2013, potentially re-opening the international bond market for Ukrainian issuers.

Borel & Barbey advised Kernel Holding S.A. on the deal with a team led by Nicolas Piérard, Alexandre Gallopin and Alfred Girod.

Involved fees earner: Nicolas Piérard – Borel & Barbey; Alexandre Gallopin – Borel & Barbey; Alfred Girod – Borel & Barbey;

Law Firms: Borel & Barbey;

Clients: Kernel Holding S.A.;