13:03 22.11.2017

Mriya arranges restructuring of secured loans

Mriya arranges restructuring of secured loans

 Mriya agroholding has finished negotiations on restructuring of secured loans of $130 million, Mriya CEO Simon Cherniavsky said in Ternopil reporting on the state of affairs in the company.

"We have finished the restructuring of the secured part of the debt. Now were in the safe zone for these loans," he said.

Total debt of Mriya accounts for $1.087 billion, including $46 million of loans for working capital, $7 million for leasing of agricultural machinery, $130 million of secured loans, $904 million of unsecured loans.

Cherniavsky said that the company seeks to find a compromise for the unsecured part of the debt by spring 2018.

He said that $63 million of the total debt have been waived.

"This 6% left the portfolio of our debts. This is the result of work of our team of financiers and lawyers," he said.

The total debt burden after restructuring should be around $330 million.

Mriya CFO Ton Huls said that secured creditors would personal restructuring conditions for each, while unsecured creditors would have the unified conditions for restructuring.

In addition, around $700 million of the debt would be converted into shares, and creditors would become owners of the holding.

After the restructuring, the structure of the holding would change: a holding company will be created in London, a sub-holding company and a trading company in Cyprus, and the number of companies in Ukraine would be reduced to 25.

Huls added that the agroholding is close to the completion of the negotiations with Alfa-Bank (Kyiv). The bank is a secured creditor and the company's debt to it is $19 million.

"We have implemented the restructuring plan in June 2017. Our debt to this bank is $19 million. The debt is to be paid within five years. The loan is secured by two facilities: a grain elevator in Kozova and a starch plant that the bank leased to us. In five years when we pay the debt they would return us the facility," Huls said.

As reported, in May 2017, Mriya and International Finance Corporation (IFC) approved the conditions for restructuring of the holding's debt to IFC.

Mriya is a vertically integrated agro-industrial holding founded in 1992 by the Huta family. Today, its land bank is 180,000 ha in Ternopil, Khmelnytsky, Ivano-Frankivsk, Chernivtsi, Lviv and Rivne regions.

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