Kernel goes for smaller loan but longer tenor

By Bianca Boorer
19 Oct 2017

Kernel, the Ukrainian grain and sunflower producer, has signed a $200m syndicated loan to refinance a $300m facility from last year, with a longer three year tenor.

Unusually, Kernel is rated —/B/B+, while Ukraine is Caa2/B-/B-. 

Fitch’s rating is two notches above the sovereign ceiling, S&P’s one. Fitch said at its last upgrade in February that it had allowed this, based on “the expectation that Kernel will maintain substantial offshore cash balances and a comfortable schedule ...

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