28 December 2016
According to smida.gov.ua shareholders of one of Kernel Group sunflower oil producers – Poltava Oil Refinery – provided their consent to guarantee potential Eurobonds issue. Amount of issue is to be not higher than USD 650M, tenor – up to 5 years, coupon rate – not higher than 11%..
We estimate that Kernel can use proceeds from Eurobonds placement both to refinance existing debt (USD 415M as of 30.09.16) and to finance its rather ambitious investment program for the following two years – increase of land bank, purchase of new oilseeds crushing facilities (with annual capacity of up to 1.5M tons), new grains export terminal construction.
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