Borel & Barbey advised Kernel Holding S.A. as Swiss Counsel (jointly with Freshfields Bruckhaus Deringer, as lead counsel) 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. 

Our team included Nicolas Piérard, Alexandre Gallopin and Alfred Girod.