AVELLUM acted as
Ukrainian legal counsel to its longstanding client Kernel Holding S.A. ("Kernel")
in connection with an offering of its USD500 million 8.75% guaranteed
notes due 2022. The notes are expected to be rated B+ by Fitch and B by
S&P, two notches and one notch above the Ukrainian sovereign respectively.

This transaction is
remarkable since it is the Kernel's debut eurobond issue and the first
successful corporate eurobond offering from Ukraine since 2013.

Kernel is a leading
Ukraine-based diversified agribusiness company in the Black Sea region with a
share listing on the Warsaw Stock Exchange. It is also a leading exporter of,
among other products, sunflower oil and grains.

The AVELLUM team included partner Glib Bondar; counsel
Igor Lozenko; senior associate Vadim Medvedev; associates Anna Melnychuk, Pavlo
Shevchenko, Yuriy Zaremba, Anastasiya Voronova, and Orest Franchuk.