Fitch Ratings has assigned Kernel Holding S.A.’s new $300 million bond due in 2024 a final senior unsecured rating of ‘BB-‘ with a Recovery Rating of ‘RR4’ (50%).
Fitch said in a report on Thursday that the final rating is in line with the expected rating that Fitch assigned to this bond issue on 30 September 2019 and follows the pricing and receipt of the final documentation, which conform to the information already received.
Fitch said that the new $300 million bond’s ‘BB-‘/’RR4’ rating is aligned with the rating on the outstanding $500 million bond due 2022.
As reported, Kernel last week placed five-year $300 million bonds at 6.5% per annum. The pricing was set at 6.625%, the securities were sold at a price of 99.475% of the face value. The organizers of the placement were ING Bank, JP Morgan.
In January 2017, Kernel placed eurobonds worth $500 million. The maturity date of Kernel’s debut eurobonds was January 31, 2022, and the coupon rate was set at 8.75% per annum.
Kernel is the world’s largest producer and exporter of sunflower oil, the leading producer and supplier of agricultural products from the Black Sea region to world markets.
