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.