Avellum has acted as Ukrainian legal counsel to longstanding client Kernel Holding S.A. in connection with an offering of its USD 500 million 8.75% guaranteed notes due 2022. The notes are expected to be rated B+ by Fitch and B by S&P, two notches and one notch above the Ukrainian sovereign respectively.
Avellum describes the transaction as remarkable, "since it is the Kernel’s debut eurobond issue and the first successful corporate eurobond offering from Ukraine since 2013."
Kernel is a Ukraine-based diversified agribusiness company in the Black Sea region with a share listing on the Warsaw Stock Exchange. It is also an exporter of, among other products, sunflower oil and grains.
The Avellum team included Partner Glib Bondar, Counsel Igor Lozenko, Senior Associate Vadim Medvedev, and Associates Anna Melnychuk, Pavlo Shevchenko, Yuriy Zaremba, Anastasiya Voronova, and Orest Franchuk.
