Dragon Capital and Teneo advised the PXF Lenders of Kernel Holding
Dragon Capital and Teneo advised the PXF Lenders of Kernel Holding ("Kernel"), а major global commodities business, on the successful extension of bank facilities of са. $600m, providing continued stability to the Company’s $1.7bn debt capital structure.
Dragon Capital, working jointly with Teneo, a leading global CEO advisory firm, produced а common information platform for creditors through an IBR, and in parallel, provided strategic advice to the diverse group of international creditors across two PXF facilities to structure and agree on terms for the extension of the banks' facilities to June 2024. Kernel achieved an agreement with its lenders to defer principal repayment throughout the effective period and waive specific potential or actual defaults or events of default due to Russia’s invasion of Ukraine.
Dragon Capital and Teneo were appointed as exclusive Financial Advisors to the PXF lenders of Kernel, the largest grain exporter, crop producer and processor of sunflower oil in Ukraine. The Company was facing operational and capital structure challenges largely due to the impact of the ongoing war in Ukraine. The secured lenders had previously granted a standstill until 30 June 2023.