The Ukrproduct Group, a large Ukrainian producer of packaged butter and processed cheese, has finished restructuring of a loan of €11 million taken from the European Bank for Reconstruction and Development (EBRD) in 2011.
The company said in a report on the London Stock Exchange (LSE), the terms include extension of the maturity date from December 10, 2018 to December 1, 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 December 1, 2024. Additional deferred costs and net overdue interest totaling approximately €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 December 1, 2022. Interest on the bullet capital repayment will be capitalized from that date. As at December 31, 2015, the total principal outstanding under the EBRD loan stood at approximately €7.26 million.
