Published on 10/17/2019 in the Prospect News Emerging Markets Daily.
New Issue: Ukraine’s Kernel prices $300 million 6˝% notes due 2024 at 99.475
By Marisa Wong
Los Angeles, Oct. 17 – Kernel Holding SA issued $300 million of 6˝% five-year guaranteed notes at 99.475.
ING Bank NV, London Branch and J.P. Morgan Securities plc are joint lead managers and bookrunners for the Regulation S and Rule 144A offering.
The notes (expected: B/BB-) are guaranteed by Agropolis, Avere, Bandursky, Black Sea Industries, Druzhba-Nova, Enselco, Hovtva, Kalyna, Inerco, Kernel-Capital, Kernel-Trade, Khliborob, Kononivskiy, Mriia, Podillia, Poltavske HPP, Poltavsky, Prydniprovskyi Krai, Prydniprovskyi OEZ, Prykolotnjansky OEP, Starokostiantynivskyi, TGT.
Proceeds will be used to repay outstanding debt, to finance working capital and for general corporate purposes.
Kernel is an agribusiness company based in Kiev, Ukraine.
| Issuer: | Kernel Holding SA
|
| Guarantors: | Agropolis, Avere, Bandursky, Black Sea Industries, Druzhba-Nova, Enselco, Hovtva, Kalyna, Inerco, Kernel-Capital, Kernel-Trade, Khliborob, Kononivskiy, Mriia, Podillia, Poltavske HPP, Poltavsky, Prydniprovskyi Krai, Prydniprovskyi OEZ, Prykolotnjansky OEP, Starokostiantynivskyi, TGT
|
| Issue: | Guaranteed notes
|
| Amount: | $300 million
|
| Maturity: | Oct. 17, 2024
|
| Bookrunners: | ING Bank NV, London Branch and J.P. Morgan Securities plc
|
| Coupon: | 6˝%
|
| Call option: | Make-whole call at any time prior to Oct. 17, 2022; in whole or in part on or after Oct. 17, 2022 at 103.25, at 101.625 beginning Oct. 17, 2023 and at par beginning July 17, 2024
|
| Equity clawback: | Up to 35% at 106.5 at any time prior to Oct. 17, 2022
|
| Put option: | At par upon change of control
|
| Settlement date: | Oct. 17
|
| Expected ratings: | S&P: B
|
| Fitch: BB-
|
| Distribution: | Regulation S and Rule 144A
|
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