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Kernel announces plans to fully redeem $300 mln eurobonds in Oct
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Kernel agroholding announced its intention to fully redeem $300 million five-year eurobonds with a rate of 6.5% per annum on the scheduled maturity date of October 17, 2024 and pay a coupon on them, the company said in a statement on the Warsaw Stock Exchange on Tuesday.
"In response to recent speculation in the market regarding a possible restructuring of the bonds, the company would like to clarify that there are currently no plans to change the original terms of the bonds. After a thorough assessment of its financial position, the company confirms that it has sufficient liquidity and resources to fulfill its obligations in full and on time," Kernel said.
The company said this decision underlines the company's commitment to fulfilling its financial obligations, and that the company strives to maintain open and transparent communication with the market.
Before the war, Kernel agricultural holding was the world's leading producer of sunflower oil (about 7% of world production) and its export (about 12%). It is one of the largest producers and sellers of bottled oil in Ukraine. In addition, it is engaged in the cultivation of agricultural products and their sale.
Kernel's net profit for 2023 FY was $299 million, while the company ended the previous year with a net loss of $41 million. The agricultural holding's revenue for 2023 FY decreased by 35% to $3.455 billion, but EBITDA increased 2.5 times, to $544 million.
For the first nine months of 2024 FY (July 2023-June 2024), the agricultural holding reduced its net profit by 53% to $204 million with a 4% decrease in revenue to $2.595 billion, and its EBITDA decreased by 36% to $384 million.
Source: www.en.interfax.com.ua