Ukrproduct Group Ltd EBRD loan amendment (7252C)
June 30 2016 - 1:01AM
UK Regulatory
TIDMUKR
RNS Number : 7252C
Ukrproduct Group Ltd
30 June 2016
FOR IMMEDIATE RELEASE June 30, 2016
AMENDMENT TO UKRPRODUCT GROUP LIMITED AND EBRD Loan
Further to the announcements made on 15 June 2016 and 15
December 2015, Ukrproduct Group Limited is pleased to announce that
an amended Loan Agreement with the European Bank for Reconstruction
and Development ("EBRD") has now been executed under the
restructuring terms for the loan with EBRD announced on 15 December
2015.
The terms include extension of the maturity date from 10
December 2018 to 1 December 2024. The Company has also been
provided with a capital repayment holiday until 1 March 2017, at
which point quarterly capital repayments, representing the majority
of the loan, commence, increasing in amount on an annual basis
until 1 December 2022, followed by a final bullet repayment on 1
December 2024. Additional deferred costs and net overdue interest
totalling approximately EUR 0.52 million become due and payable
with the final bullet repayment.
Interest is payable at a margin of 5% over EURIBOR, with the
bullet capital repayment bearing interest at the higher of EURIBOR
or 1% per annum until 1 December 2022. Interest on the bullet
capital repayment will be capitalized from that date. As at 31
December 2015, the total principal outstanding under the EBRD loan
stood at approximately EUR 7.26 million.
For further information contact:
Ukrproduct Group Ltd
Jack Rowell, Non-Executive Chairman Tel: +380 44 232 9602
Alexander Slipchuk, Chief Executive www.ukrproduct.com
Officer
ZAI Corporate Finance Ltd.
Nominated Adviser and Broker Tel: +44 20 7060 2220
Peter Trevelyan-Clark, Jamie www.zaicf.com
Spotswood
Ukrproduct Group Ltd is one of the leading Ukrainian producers
and distributors of branded dairy products and kvass, a traditional
fermented beverage. The Group's product portfolio includes
processed and hard cheese, packaged butter, skimmed milk powder
(SMP) and kvass. Ukrproduct has built a range of recognisable
product brands ("Our Dairyman", "People's Product", "Creamy
Valley", "Molendam", "Farmer's") that are well known and highly
regarded by consumers. The Group reported total assets of
approximately GBP 17.7 million as at December 31, 2014 and
consolidated revenues of approximately GBP 31.9 million for the
twelve months ended December 31, 2014. Ukrproduct's securities are
traded under the symbol "UKR" on AIM, a market operated by the
London Stock Exchange.
Some of the information in this press release may contain
projections or other forward-looking statements regarding future
events or the future financial performance of the Group. You can
identify forward looking statements by terms such as "expect,"
"believe," "anticipate," "estimate," "intend," "will," "could,"
"may" or "might" the negative of such terms or other similar
expressions. These statements are only predictions and they may
differ materially from the actual events or results. We do not
intend to update these statements to reflect events and
circumstances occurring after the date hereof or to reflect the
occurrence of unanticipated events. Many factors could cause the
actual results to differ materially from those contained in such
projections or forward-looking statements, including, among others,
general economic conditions, our competitive environment, risks
associated with operating in Ukraine, rapid technological and
market change in our industry, as well as many other risks
specifically related to the Group and its operations.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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June 30, 2016 02:01 ET (06:01 GMT)