Agroton holding issues three-year bonds for $50 million at 12.5%
2011-07-13 18:09:14
Agricultural holding Agroton Public Limited is planning to issue on July 14 senior unsecured bonds for $50 million. This is said in the company's statement posted on the website of the Warsaw Stock Exchange.
The securities fall due in 3 years and have a yield of 12.5% per annum.
The funds raised will be channeled to "refinance debts, acquire and build elevators, expand the existing land bank, purchase farm machinery, and for general corporate purposes." Lead managers of the issue are Dragon Capital (Cyprus), UBS and VTB Capital. According to the statement, rating agencies S&P and Fitch assigned rating "B-" to the planned issue.
Agroton is a multisectoral vertically-integrated producer of agricultural products in eastern Ukraine. The main activity of the group is growing, as well as processing, storage and sale of sunflowers and wheat.