The multijurisdictional Freshfields team was led partner Sarah Murphy

Freshfields Bruckhaus Deringer LLP (‘Freshfields’) has advised Kernel Holding S.A. (‘Kernel’) on the issuance of its $500m guaranteed notes due 2022, which carry an interest rate of 8.75 per cent. Kernel is a diversified Ukrainian-based agribusiness with a share listing on the Warsaw Stock Exchange. It is a leading exporter of, among other products, sunflower oil and grains.

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. The transaction is significant due it being both Kernel’s debut bond issuance, and the first new corporate bond issuance for a Ukrainian group since 2013, potentially re-opening the international bond market for Ukrainian issuers.

The multijurisdictional Freshfields team was led partner Sarah Murphy.