Sayenko Kharenko has announced that it 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.
As reported by CEE Legal Matters on January 30, Latham & Watkins was lead counsel to the joint lead managers on the issuance, and Avellum advised Kernel Holdings on Ukrainian aspects (as reported by CEE Legal Matters on February 3, 2017). As reported earlier, the bond pays interest at a rate of 8.75 per cent 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.
The Sayenko Kharenko team was led by Partner Nazar Chernyavsky and included Senior Associate Iryna Bakina, and Associates Olga Kyriusha, Orest Matviychuk and Taras Shyb. 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.”
