Kernel goes for smaller loan but longer tenor
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 ...
Please take a trial or subscribe to access this content.
Contact our subscriptions team to discuss your access: email@example.com